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.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.