UK Parliament Unveils New Group for Crypto Sector

“We must ensure that we have an appropriate regulatory framework in the UK which supports innovation and guarantees that the UK remains an attractive destination for innovative firms to set up and grow."

The UK parliament has launched a new group for the nation’s crypto sector to act as a forum and deal with any challenges and regulations.

Various MPs and Lords have formed the Crypto and Digital Assets All Party Parliamentary Group (APPG) with Lisa Cameron MP as its chair.

Cameron comments: “We must ensure that we have an appropriate regulatory framework in the UK which supports innovation and guarantees that the UK remains an attractive destination for innovative firms to set up and grow. It is equally vital that we have a clear regime to protect consumers, ensuring they understand the risks, and are protected from the risk of economic harm posed by fraud and scams.”

She calls for clear rules for the advertising of crypto assets and clarity of regulation “particularly in terms of money laundering protections”.

The group will act as a forum for parliamentarians, policymakers and the crypto sector to discuss policy and regulation of the industry.

It will explore such issues as protecting customers from fraud and scams, advertising, financial education and inclusion, environmental issues and the future of digital payments.

With interest in crypto growing considerably over the last few years, the group notes that regulators and government need to keep pace with the changes and increased adoption of crypto by consumers.

The group will look at international examples from other jurisdictions that have already taken steps to regulate the crypto sector.

CryptoUK, the UK’s independent trade association which represents over 100 members from across the sector, provides the secretariat for the new APPG.

Ian Taylor, Executive Director of CryptoUK, explains: “Consumer attitudes towards cryptocurrencies have shifted since the start of the pandemic with 78% of adults saying they have heard of cryptocurrency and 2.3 million UK adults now owning some form of cryptocurrency with more people now seeing them as an alternative to mainstream investments.”

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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