Wednesday, Jul 6, 2022
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UK Parliament form crypto advisory group for parliament

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This step is being taken to ensure that regulation supports innovation

The UK parliament announced that it has launched a crypto advisory group that consists of a cross-party group of members of parliament and lords to cover the crypto and digital assets sector and also to ensure that regulation supports innovation, according to media reports. The group will act as a forum for parliamentarians, policymakers and the UK crypto sector to discuss policy and regulation of the industry.

The group will also act as a group that will focus on addressing challenges for the sector including creating a regulatory framework that supports innovation and growth while addressing issues such as consumer protection and economic crime.

Lisa Cameron MP, chair of the new group, told the media, “We must ensure that we have an appropriate regulatory framework in the UK which supports innovation and guarantees that the UK remains an attractive destination for innovative firms to set up and grow. It is equally vital that we have a clear regime to protect consumers, ensuring they understand the risks, and are protected from the risk of economic harm posed by fraud and scams.”

The crypto advisory group was officially registered with the parliament last week and the members include former Digital Economy Minister Ed Vaizey and Tory MP Harriett Baldwin, a former JPMorgan executive.Cryptouk, a trade association for digital assets, will serve as the parliamentary group’s secretariat.

Previously, crypto advocates have warned that the UK government has been late to establish rules for digital asset businesses, which risks driving them offshore. The Financial Conduct Authority (FCA) also banned crypto derivatives for retail investors and also opposed crypto funds.

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