Friday, September 30, 2022

Crypto Regulation: UK lawmakers form a cross-party coalition to regulate the crypto industry

An inter-party coalition of U.K. lawmakers is currently looking to regulate the crypto industry. They aim to come up with a customer-centric regulation that will later be recommended to the government for implementation.

Group seeks public opinion on crypto regulation

The group, dubbed the Crypto and Digital Assets All Party Parliamentary Group (APPG), has said it is open to opinions from industry experts, regulatory bodies, as well as crypto firms. APPG also issued a range of topics upon which its report will be based. According to APPG’s statement, they seek to receive feedback on how the U.K. is currently handling crypto regulations, crypto ads, crypto-based scams and financial crimes. The group also wants to know the role of local regulators and the possibility of a central bank digital currencies (CBDC).

All things being equal, the APPG expects to start accepting these public opinions by September 5.

UK government’s commitment to financial stability

It should be noted that this inquiry follows after a stablecoin bill was introduced in July. The July bill was aimed at regulating stablecoins. However, all of the U.K.’s recent efforts have been geared toward mapping out its financial path after Brexit. Also, the government strives to come up with clear a crypto regulation. However, that is not unusual amongst most nations of the world. Especially as made necessary by the recent downturn in the crypto market which saw billions of dollars lost and seemingly healthy companies collapse. In fact, it is a trend. But while the U.K may be following this trend, the government has broader goals of becoming an international crypto hub.

Speaking about the group and what they hope to achieve, the chair, Lisa Cameron says:

“It’s vital that the U.K. does not take its foot off the gas and that government and regulators keep to their commitments when it comes to crypto and digital assets.” 

The cross-party group was inaugurated in 2021 and consists of members from the two houses of Parliament. That is the House of Commons and the House of Lords. 

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