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UK lawmakers have shaped crypto and digital asset clusters to confirm that new rules for crypto businesses support innovation. “We are at an important moment for the world as international policymakers are currently reviewing their approach to cryptocurrencies and the way they should be regulated,” said a UK parliament member who can chair the cluster.
UK lawmakers form crypto and digital asset group
Members of the UK Parliament and the House of Lords have shaped the crypto and digital asset cluster, the Financial Times reported on Friday.
Lisa Cameron, MP for the United Nations agency Scottish National Party (SNP), who can chair a cross-party cluster of lawmakers, explained that the cluster could confirm that new rules for crypto businesses “support innovation.” She details:
“We are at an important moment for the world as international policymakers are currently reviewing their approach to cryptocurrencies and how they should be regulated.”
Last week, the new cryptocurrency group was officially registered with Parliament. Its members include former digital economy minister Ed Vaizey and Conservative MP Harriett Baldwin, a former JPMorgan executive.
Cryptouk is a digital asset trade association that can serve as the secretariat for parliamentary groups.The association has been lobbying lawmakers for aggressive crypto regulation in the UK for a year
Crypto advocates have warned that the U.K. government has been too slow to set rules for digital assets business, which risks pushing them overseas. The U.K.’s money regulator, the Financial Conduct Authority (FCA), offers illegal crypto derivatives for retail investors and opposes crypto funds.
Regulators have repeatedly warned about the risks of crypto scams and unregulated companies. According to blockchain knowledge analysis firm Chainalysis, scams involving cryptocurrencies have brought investors $7.8 billion in value globally this year.
Post UK lawmakers form crypto and digital asset group to confirm regulation supports innovation First appeared in Bitcoin wire.
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