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UK lawmakers set up the Crypto and Digital Assets Group to ensure new rules for the crypto industry support innovation. “We are at a pivotal moment for the industry, as policymakers around the world are now also reviewing their approach to encryption and how to regulate it,” said the British parliament member who will chair the group.
UK lawmakers form crypto and digital asset group
Members of the British Parliament and the House of Lords formed the Crypto and Digital Assets Group, the Financial Times reported on Friday.
Scottish National Party (SNP) MP Lisa Cameron, who will chair a cross-party group of lawmakers, explained that the group will work to ensure the new rules for the crypto industry “support innovation.” She details:
We are at a pivotal moment for the industry, as policymakers around the world are now also reviewing their encryption methods and how to regulate them.
The new cryptocurrency group was officially registered with Parliament last week. Its members include former digital economy minister Ed Vaizey and Conservative MP Harriett Baldwin, a former JPMorgan executive.
Cryptouk, the digital asset trade association, will serve as the secretariat of the parliamentary group.For a year, the association has been lobbying lawmakers for aggressive crypto regulation in the UK
Crypto advocates have warned that the U.K. government has been too slow to set rules for digital asset businesses, threatening to push them overseas. The Financial Conduct Authority (FCA), the U.K.’s financial regulator, has banned the use of crypto derivatives by retail investors and opposed crypto funds.
Regulators have repeatedly warned about the risks of crypto scams and unregulated companies. Scams involving cryptocurrencies cost investors $7.8 billion globally this year, according to blockchain data analytics firm Chainalysis.
What do you think of UK lawmakers establishing crypto and digital asset groups? Let us know in the comments section below.
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