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The UK Cross-Party Parliamentary Group (APPG) is set to explore stakeholder views on digital asset oversight.
A group of British parliamentarians want to clarify for themselves and their colleagues the need for further regulation of the crypto space. The investigation primarily focuses on government initiatives to turn the region into a global hub for digital assets.
The role of UK regulators in overseeing crypto assets, Central Bank Digital Currencies (CBDC) and the risks associated with such assets will be explored. As part of the study, APPG is expected to gather input from crypto exchange operators, regulators, industry experts and agencies such as the Bank of England, the Financial Conduct Authority (FCA) and the UK Advertising Standards Authority (ASA).
According to the head of the group, Lisa Cameron, the need for an investigation arose due to the growing popularity of cryptocurrencies in the country. As of July 2022, 10% of adult UK citizens owned or traded cryptocurrencies.
“The UK crypto sector has seen increased interest from consumers and regulators as the number of people holding some form of cryptocurrency or digital assets has risen in recent years. We are at a critical time for the sector as governments around the world are rethinking their approach to crypto and how it should be regulated,” Cameron explained.
The CEO of the CryptoUK CryptoUK Lobbyists Association (which includes seven crypto companies), Ian Taylor, welcomed the investigation and said it would bring sanity to the crypto industry:
“The UK crypto sector recognizes the importance of a well-regulated industry in the country and supports regulation that provides business confidence and promotes a healthy and robust market. We want to see a proportionate approach to regulation that balances the need to protect consumer rights with the need to support innovation and growth.”
APPG intends to share the results of the investigation with the government. Interested parties have until September 5 to submit their views.
Last month, a member of the British Parliament’s Law Commission saw cryptocurrencies as a new kind of property.
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