All-Party Parliamentary Group (APPG) seeks to investigate the regulatory approach of UK regulators and the roles of different regulatory bodies in this industry.
The United Kingdom is a popular region in the world, where the majority of the countries follow a single crypto regulatory framework. In the UK, the financial conduct authority (FCA) is a dominant regulatory body that controls the whole crypto industry and companies, to prohibit the illegal activities associated with cryptocurrencies.
This week, the All-Party Parliamentary Group (APPG) released a statement regarding its efforts in the crypto industry & regulation. APPG confirmed that it wants to investigate the existing digital assets regulatory framework of the UK and also to know about the ongoing initiatives & plans of the government to make the UK a global digital assets hub.
APPG also will figure out the roles of different UK agencies in the crypto industry to maintain the regulatory framework and how they are planning & working to fight against the risks associated with cryptocurrencies & Central Bank Digital Currency (CBDCs).
APPG chairman Lisa Cameron said that the growing industry of cryptocurrencies in the UK is the main reason to take such steps regarding cryptocurrencies.
“The UK Crypto sector has seen increased interest from consumers and regulators as the number of people who now own some form of cryptocurrency or digital asset has grown in recent years,” Lisa said.
Further, she added that the crypto Industry is currently standing at a critical point, where government agencies are reviewing their regulatory policies on Cryptocurrencies.
“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.”
The majority of the UK’s crypto industry players supported this initiative of APPG. In particular, Ian Taylor, executive director at the self-regulatory trade association for the UK crypto asset industry CryptoUK, said that such initiatives will overall result in better outcomes for the crypto Industry.
“We want to see a proportionate approach to regulation that balances the need for consumer protection with the need to support innovation and growth.”