UK group set sights on redressing government approach to crypto

The United Kingdom’s All Party Parliament Group (APPG) has initiated a scrutinization of the country’s stance on crypto regulation. As announced, the investigation aims to gather feedback on the UK government’s attitude towards crypto. 

Further, the APPG plans to evaluate the government’s agenda to make the crypto sector grow in the country. With the inquiry, the group will tend to address how the government is working towards attracting crypto investors into the UK.

The group revealed that it would organize a series of evidence sessions in the coming months via an official statement. Aside from gathering feedback through general meetings, the group intends to consult prominent actors in the sector. The APPG also aims to consult experts, firms, and other service providers to seek their input. As indicated by the group, the inquiry will end by September 2022. 

The group plans to proceed by coalition with an aggregated view of this feedback. Then, propose before the appropriate authorities for deliberation. The APPG added that selected committee members from the UK treasury would address the collected feedback.

The chairperson of the group, Lisa Cameron, reflected on the inquiry. According to Cameron, Investors and regulators had shown a strong interest in the United Kingdom regarding crypto. The chairperson recalled how the number of investors and holders had skyrocketed massively in the past few years. Cameron cited this growth as a major reason the UK government must redress its position regarding crypto regulation. 

The Chairperson added that global regulators are gradually reviewing crypto regulations. He claimed that the APPG would work the current regulation regarding fraudulent transactions with crypto and proffer advice for a good approach.

Furthermore, Cameron announced that the APPG would address the growing concerns about the misleading information in crypto adverts. The chairperson assured the group would also address using crypto to carry out fraudulent transactions.

Subsequently, the group plans to investigate if the government is doing well to protect investors and consumers. The APPG added it would consider how other regulators had approached crypto in their respective domains and take inspiration from it. 

However, the official statement carries a deadline of September 5 for submitting opinions by groups and individuals. The group acknowledged that opinions could come via email. The APPG admitted that it would appreciate facts and research to back submitted opinions.

The group didn’t limit its investigation to cryptocurrency alone. It revealed that opinions about a CBDC from the U.K government would also be accepted. The group added that the opinion should cover possible utilization and risk attached to the CBDC. Lastly, Cameron underlined how it’s essential for regulators to keep watch on the crypto industry.

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