Group of UK MP’s Launches Crypto Asset Inquiry, Seeks Written Submissions

Key Takeaways:

  • The Crypto and Digital Assets All Party Parliamentary Group plans to make the U.K. a “global home of crypto investments.”
  • The inquiry will involve discussion with industry leaders on ways to improve current U.K. crypto regulations.
  • Public participants are invited to view the inquiry, and written submissions will be accepted until September 5, 2022.

 The Crypto and Digital Assets All Party Parliamentary Group (APPG) in the U.K. is looking to inquire more about the crypto sector to formulate policy recommendations.

The bipartisan group of lawmakers will talk with industry experts, crypto service providers, regulators, and government members to understand more about the crypto sector. The discussion will revolve around a range of issues, including the government’s present approach to digital asset regulation, the role of local regulators, the future of central bank digital currencies, and concerns related to financial crime and crypto advertising.

APPG plans to make the U.K. a “global home of crypto investments” through this inquiry. Public participants are invited to view the inquiry, and written submissions will be accepted until September 5, 2022. The AAPG group further plans for a series of evidence sessions, which will be compiled into a report with essential recommendations and findings on the industry for government consideration.

The AAPG group is chaired by Dr. Lisa Cameron and is made up of M.P.s from all major UK political parties, representing a wide range of interests and expertise in areas of financial services and technology.

Commenting on the latest development, Lisa Cameron states that the U.K. crypto sector has seen increased interest from regulators and consumers as the number of people who currently own some form of crypto/digital asset has grown in recent years. “We are at a crucial time for the sector as global policymakers are now reviewing their approach to crypto and how it should be regulated”, added Cameron.

The latest development comes against the backdrop of the U.K. Government proactively taking measures to make the country more crypto-friendly. Earlier this year, U.K. Government laid out its plans to Become a ‘Crypto Asset Technology Hub’. This includes plans to regulate stablecoins and recognize them as a form of payment.

On the other side, the U.K. financial regulator is pushing for changes that would encourage caps on individual Bitcoin holdings as it clamps down more broadly on retail investment in risky assets. The U.K. treasury had recently proposed legislation in the U.K. Markets Bill to extend banking rules to crypto assets. Last week, U.K. Law Commission proposed to extend Britain’s Property Rules to accommodate crypto and NFT.

The U.K.’s crypto push comes against the backdrop of several developed countries, including UAE and Singapore, looking to attract Web3 startups with their crypto-friendly regulations.

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Saniya Raahath

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