UK lawmakers Create New Crypto and Digital Assets APPG to Ensure Regulation Supports Innovation
As per a Friday report from the Financial Times, United Kingdom (UK) members of Parliament along with members of the House of Lords has created an All-Party Parliamentary Group (APPG). It is a new semi-official cross-party group consisting of MPs and Lords to discuss the policy and regulation for the UK Crypto and Digital Assets sector.
APPG will facilitates direct contact between parliamentarians, UK lawmakers, policymakers, and political leaders. The group will address the challenges of the crypto sector and will create a regulatory framework that will support innovation and growth, according to CryptoUK, a UK self-regulatory trade group for the crypto asset sector that is providing the secretariat. APPG will also address issues including economic crime and investor protection as well as advertising, financial education, and inclusion.
To support the Crypto and Digital Assets Group with focus on education around crypto asset, CryptoUK executive director Ian Taylor said the group is willing to spend more than $67,000 in 2022.
Crypto has only recently been allowed into APPGs, whereas alternative finance and fintech have had theirs for over five years. Among its considerations are the UK's leadership in financial technology (Fintech) and innovation, environmental issues, and the future of digital payments in the UK.
As per reports, a member of the House of Commons, and Chair of the Crypto and Digital Assets APPG, Lisa Cameron, aimed at promoting crypto-related legislation in the government said “We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated. We must ensure that we have an appropriate regulatory framework in the UK [that] 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.”
CBW - External Analyst