The UK Wants to Appoint a Crypto Tsar
The United Kingdom supports the development of the crypto industry. The latest report serves to underscore that.
While some countries outlaw cryptocurrencies and digital assets, others are embracing them. According to its new report, ‘Realising Government’s Vision for the UK to Become a Global Hub for Cryptocurrency & Fintech Innovation’, in the next 12-18 months, the UK should ramp up its efforts to make sure that it “has early leadership within this sector.”
Authored by the Crypto and Digital Assets All Party Parliamentary Group (APPG) which has scrutinized the sector since August 2022, the report emphasizes that crypto and digital assets can reshape the established financial services system and how we deal with money.
“The rapid growth of cryptocurrency and digital assets in recent years and the increased interest and adoption amongst consumers and investors suggests that the sector is here to stay and that it, therefore, needs to be regulated to protect consumers and to ensure guardrails for investment and economic growth,” one of the passages reads.
At the same time, the authors say that without comprehensive regulation, the industry presents considerable risks. They pertain to consumer protection, economic crime, and financial stability.
“Regulation of cryptocurrency and digital assets within financial services is vital to addressing consumer risks whilst harnessing the sector’s potential and contribution towards economic growth,” the authors note.
The Committee is also content that the top officials are looking into the possible introduction of the digital pound, a possibility they describe as profound. Still, the authorities must ensure that the public is well-informed about how the digital pound operates in order to avoid possible confusion.
The authors likewise stress the need to introduce a figure they refer to as a “Crypto Tsar”, a person in charge of coordinating relevant regulation across departments to ensure a consistent approach.
The British government is yet to provide an official response to the report.
Previously, GNCrypto reported that Estonia has tightened regulations.
