UK Lawmakers Form Crypto and Digital Assets Group to Ensure Regulation Supports Innovation – Regulation Bitcoin News

To ensure innovation in the crypto sector, U.K. lawmakers created the Crypto and Digital Assets Group. “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,” said the British parliament member who will chair the group.

British lawmakers form Crypto and Digital Assets Group

According to the Financial Times, members of Parliament and House of Lords from the United Kingdom have formed the Crypto and Digital Assets Group.

Scottish National Party (SNP) MP Lisa Cameron, who will chair the cross-party group of lawmakers, explained that the group will work to ensure that new rules for the crypto industry “support innovation.” She detailed:

This is a critical time in the industry’s history as international policymakers review their crypto regulatory approach and are now reassessing it.

This week saw the official registration of the crypto group with parliament. They include Ed Vaizey (ex-Digital Economy Minister) and Harriett Bald, Tory MP Harriett. Harriett is a former JPMorgan executive.

Cryptouk, a trade association for digital assets, will serve as the parliamentary group’s secretariat. For the past year, they have been lobbying legislators for positive cryptocurrency regulation in Britain.

Advocates for crypto have warned that U.K. governments are too slow in establishing rules to govern digital assets businesses. This could lead to them being driven offshore. Financial Conduct Authority, the UK’s financial watchdog has banned crypto derivatives to retail investors. It also opposes crypto funds.

The risks posed by unregulated businesses and crypto scams have been repeatedly highlighted by regulators. Chainalysis blockchain data analytics firm estimates that scams involving cryptocurrency cost investors $7.8B globally.

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Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.