UK Parliamentarians Push for Rapid Crypto Regulatory Framework
A cadre of British politicians, members of the Crypto and Digital Assets All Parliamentary Group (APPG), have issued a call for accelerated implementation of cryptocurrency regulation within the United Kingdom. Furthermore, the group urges the appointment of a dedicated government official to oversee this crucial process.
The APPG, which is composed of members of various political affiliations and both houses of parliament, released a report on Monday strongly advocating for the immediate establishment of cryptocurrency regulations. The report is comprehensive, detailing 53 specific recommendations for cryptocurrency regulation within the country.
Rishi Sunak's government has just wrapped up a consultation proposing to incorporate crypto regulation under the umbrella of pre-existing financial services legislation. In response to this consultation, CryptoUK, a lobby group connected to the APPG, has pushed for the creation of definitive cryptocurrency regulations within the next year – a goal the government has expressed a desire to meet.
Legislation is currently being debated in Parliament that would extend lawmakers' authority over the crypto sector and equip law enforcement with the capacity to seize and freeze cryptocurrency assets. As it stands, any cryptocurrency business looking to operate within the U.K. must first register with the Financial Conduct Authority (FCA).
The report comes at a pivotal moment given the rapid growth of the cryptocurrency and digital asset sectors. Lisa Cameron, chair of the APPG, emphasized in a press release on Monday that the report's publication is vital for protecting consumers and promoting the U.K.'s leadership within this rapidly emerging field.
The crypto APPG inquiry, initiated in August last year, was a follow-up to Sunak's announcement as the then-finance minister, wherein he expressed the government's intent to foster a cryptocurrency hub in the country. The inquiry took into account perspectives from crypto industry representatives, regulatory bodies, and the public.
Lawmakers outlined in the report the proposed responsibilities of the government official overseeing crypto regulations, as well as the existing strategies of regulatory bodies such as the Bank of England, Advertising Standards Authority, and the FCA.
Rishi Sunak's government has just wrapped up a consultation proposing to incorporate crypto regulation under the umbrella of pre-existing financial services legislation. In response to this consultation, CryptoUK, a lobby group connected to the APPG, has pushed for the creation of definitive cryptocurrency regulations within the next year – a goal the government has expressed a desire to meet.
Legislation is currently being debated in Parliament that would extend lawmakers' authority over the crypto sector and equip law enforcement with the capacity to seize and freeze cryptocurrency assets. As it stands, any cryptocurrency business looking to operate within the U.K. must first register with the Financial Conduct Authority (FCA).
The report comes at a pivotal moment given the rapid growth of the cryptocurrency and digital asset sectors. Lisa Cameron, chair of the APPG, emphasized in a press release on Monday that the report's publication is vital for protecting consumers and promoting the U.K.'s leadership within this rapidly emerging field.
The crypto APPG inquiry, initiated in August last year, was a follow-up to Sunak's announcement as the then-finance minister, wherein he expressed the government's intent to foster a cryptocurrency hub in the country. The inquiry took into account perspectives from crypto industry representatives, regulatory bodies, and the public.
Lawmakers outlined in the report the proposed responsibilities of the government official overseeing crypto regulations, as well as the existing strategies of regulatory bodies such as the Bank of England, Advertising Standards Authority, and the FCA.
