UK Lawmakers Push For Accelerated Crypto Regulations
A group of lawmakers in the United Kingdom has advised the government to accelerate the implementation of regulations for cryptocurrencies. The All Party Parliamentary Group (APPG) for Crypto and Digital Assets Group has proposed the appointment of a dedicated official to oversee the regulatory process. In their recently published report, the cross-party group of MPs and Lords, led by MP Dr. Lisa Cameron, put forward a total of 53 recommendations for establishing cryptocurrency regulations in the country.
The lawmakers supporting cryptocurrencies have categorized their recommendations into distinct segments, which cover various aspects. These segments encompass the country’s stance on crypto regulations, the role played by UK regulations, addressing risks associated with consumer protection and economic crimes, and the implementation of central bank digital currencies.
Debate Disclosure
The publication of the report follows the UK government’s closure of the consultation period on proposed financial services laws aimed at regulating the crypto industry. This development occurred after UK Prime Minister Rishi Sunak expressed his ambition to establish the country as a hub for cryptocurrencies.
Dr. Cameron, commenting on the report, stated that the inquiry was launched by the All Party Parliamentary Group (APPG) to address the issues that policymakers need to consider in light of the government’s vision for the UK’s global position in the cryptocurrency sector. The report’s timing is deemed crucial to protect consumers while fostering the UK’s leadership in this rapidly growing industry.
Currently, cryptocurrency businesses in the UK are required to register with the Financial Conduct Authority (FCA), responsible for overseeing the broader financial services sector. However, the registration process has been criticized for being cumbersome and time-consuming, resulting in significant delays and approvals only granted to a limited number of applicants.
In contrast, another group of cross-party lawmakers has expressed disagreement with the government’s stance. They advocate for regulating cryptocurrency trading as gambling, asserting that cryptocurrencies like Bitcoin and Ether lack intrinsic value, exhibit substantial price volatility, and lack discernible societal benefits.
