A group of United Kingdom lawmakers has recommended that the government expedite the introduction of crypto regulations. The All Party Parliamentary Group (APPG) for Crypto and Digital Assets Group wants the appointment of a dedicated official to oversee the regulatory process.
Recommendations of Pro-Crypto Lawmakers
The report, published today (Monday) by the cross-party group of MPs and Lords headed by MP Dr Lisa Cameron, made a total of 53 recommendations for bringing cryptocurrency regulations into the country.
The pro-crypto lawmakers divided the recommendations into several segments, including the country's approach toward crypto regulations, the role of the UK regulations, the central bank digital currencies, and risk in consumer protection and economic crimes.
'We acknowledge the concerns about the readiness of the current regulatory governance regime, and fully support the work needed to ensure this is robust, fit-for-purpose and enables the industry to realise its full potential whilst operating effectively and safely.'
— CryptoUK (@CryptoUKAssoc) June 5, 2023
UK Moving Towards Bringing Crypto Regulations
The report came after the UK government closed the consultation period on proposed financial services laws to bring the crypto industry within its scope. Earlier, the UK Prime Minister, Rishi Sunak, revealed his ambition to make the country a crypt hub.
"Following the Government's announcement of its vision for the UK to become a global hub for cryptocurrency, the APPG launched our Inquiry to help identify the issues that policymakers will need to consider moving forward," said Dr Cameron.
"Given the rapid growth of cryptocurrency and digital assets, the timing of this report is vital to protect consumers whilst ensuring the UK's leadership in this sector can be realized."
Currently, all cryptocurrency businesses in the UK need to register with the Financial Conduct Authority (FCA), which oversees the broader financial services industry in the country. However, the registration process turned out to be tedious and time-consuming. After a significant delay, the FCA only approved some of the applicants.
Meanwhile, another group of cross-party lawmakers recently went against the government's stance and wants cryptocurrency trading to be regulated as gambling. They called cryptocurrencies like Bitcoin and Ether "unbanked… with no intrinsic value, huge price volatility, and no discernible social good."
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This article was written by Arnab Shome at www.financemagnates.com.
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