UK lawmakers form group on crypto and digital assets to ensure regulation supports innovation – Bitcoin Regulation News

British lawmakers have formed the Crypto and Digital Assets Group to ensure that new rules in the crypto industry support innovation. “We are at a crucial time for the industry, as global policymakers are also re-examining their approach to crypto and how it should be regulated,” said the UK Member of Parliament who will chair the group.

UK lawmakers form crypto and digital asset pool

Members of the British Parliament and members of the House of Lords have formed the Crypto and Digital Assets Group, the Financial Times reported on Friday.

Scottish National Party (SNP) MP Lisa Cameron, who will chair the all-party group of lawmakers, explained that the group will work to ensure that the new rules for the crypto industry “support innovation”. She detailed:

We are at a pivotal time for the industry, as global policymakers are also re-examining their approach to crypto and how it should be regulated.

The new crypto group 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, a professional association of digital assets, will provide the secretariat for the parliamentary group. The association has been lobbying lawmakers for a year for positive crypto regulation in the UK

Crypto advocates have warned that the UK government has been too slow to set rules for digital asset companies, which risks driving them overseas. The UK’s financial watchdog, the Financial Conduct Authority (FCA), has banned crypto derivatives for retail investors and has opposed crypto funds.

Regulators have repeatedly warned of the risks associated with crypto scams and unregulated businesses. According to blockchain data analytics firm Chainalysis, scams involving cryptocurrencies have cost investors $ 7.8 billion worldwide this year.

What do you think of the British lawmakers creating the Crypto and Digital Assets Group? Let us know in the comments section below.

Kevin helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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