The UK Parliament is forming a Crypto and Digital Assets Group to regulate space

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The UK has increased its influence in the country’s cryptocurrency sector with the introduction of an independent group of lawmakers to regulate the maturing digital currency market. The group known as the Crypto and Digital Assets Group includes members of Parliament as well as the House of Lords; Their mission is to develop new rules for the digital asset industry that support innovation. The group’s standout members include former UK Digital Economy Secretary Ed Vaizey and Tory MP Harriett Baldwin, a former JPMorgan executive.

“We are at a crucial time for the sector as global policymakers are now also reviewing their approach to crypto and how it should be regulated,” said Scottish National Party MP Lisa Cameron, group leader. while speaking to the Financial Times.

We are proud to officially announce the introduction of the Crypto and Digital Assets APPG.

CryptoUK has been working for several months to get the support of MPs and Lords chaired by Lisa Cameron MP to form this group. Read the full message here: https://t.co/rJfXr4nAhJ pic.twitter.com/Aw4Be1iVgm

– CryptoUK (@CryptoUKAssoc) January 7, 2022

The Westminster All-Party Parliamentary Group (APPG) is backed by digital asset trading association CryptoUK, who said the group will act as a forum for parliamentarians, policymakers and the UK crypto sector to discuss industry policy and regulation.

According to CryptoUK, the group will try to address key challenges for the sector, such as: B. the creation of a regulatory framework that supports innovation and growth, but also takes into account issues such as consumer protection and white-collar crime.

The group’s agenda will also prioritize the review of the Financial Conduct Authority’s (FCA) money laundering registration system for crypto companies, as well as the outcome of two pending political consultations on crypto advertising and stablecoins.

The group will address a range of topics including consumer protection against fraud and fraud, advertising, financial education and inclusion, the UK’s leadership in financial services and innovation, environmental issues and the future of digital payments.

CryptoUK informs FT that the group intends to investigate the state of the UK crypto sector and recent financial crime and advertising concerns. It said it will also take into account the growth of crypto over the past few years and the need for regulators and governments to keep pace with the advancement and increasing consumer acceptance of crypto.

The trade association, which represents companies like eToro and Crypto (dot) com, said the group will also look at international examples from other jurisdictions that have already taken steps to regulate the crypto sector.

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