UK Lawmakers Push for Dedicated Government Oversight of Crypto Regulation

  • On Monday, the Crypto and Digital Assets All Parliamentary Group finally released their highly anticipated inquiry report on cryptocurrencies.
  • U.K. Lawmakers Urge Swift Implementation of Crypto Financial Services Regulations and Appointment of Dedicated Official for Oversight

Crypto and Digital Assets All Parliamentary Group (APPG) Report Emphasizes Urgent Need for Regulation, Citing Cryptocurrency’s Enduring Presence. 53 Recommendations Proposed by Cross-Party Lawmakers in Both Houses of Parliament.

U.K. Government’s Consultation on Crypto Regulation Closes with Proposal to Include it under Existing Financial Services Regulations, Reveals Prime Minister Rishi Sunak’s Administration. CryptoUK, Associated with APPG, Urges Specific Crypto Regulations in One-Year Timeframe, Aligned with Government’s Target for Implementation.

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Parliament Debates Bills to Enhance Lawmakers’ Authority in Crypto Sector and Enable Law Enforcement to Seize and Freeze Cryptocurrency.

To operate within the country, crypto companies are required to register with the Financial Conduct Authority (FCA), as per the current regulations.

In a press release on Monday, Lisa Cameron, the chair of the APPG, emphasized the crucial timing of the report, stating that it is essential for safeguarding consumers and realizing the UK’s potential leadership in the rapidly growing cryptocurrency and digital assets industry.

Launched in August of the previous year, the crypto APPG inquiry was initiated following an announcement in April by Rishi Sunak, who was the finance minister at the time, expressing the government’s intention to establish the country as a cryptocurrency hub.

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During the inquiry, the APPG gathered insights from various stakeholders, including members of the crypto industry, regulators, and the general public.

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Also Read This Related: UK Lawmakers Clash with Treasury Over Unbacked Crypto Gambling Classification

The report presented by lawmakers delineated the responsibilities of the government official in overseeing the crypto sector, as well as highlighted the existing regulatory approaches of entities such as the Bank of England, Advertising Standards Authority, and FCA in relation to crypto regulation.

Additionally, the lawmakers discussed the potential of a central bank digital currency, with the government currently seeking public input through consultations before reaching a decision on its issuance.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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