UK Lawmakers Form Crypto and Digital Assets Group to Confirm Regulation Supports Innovation

U.K. lawmakers have shaped the Crypto and Digital Assets cluster to confirm that new rules for the crypto business support innovation. “We are at an important time for the world as international policymakers are currently reviewing their approach to crypto and the way it ought to be regulated,” aforesaid a British parliament member who can chair the cluster.

British Lawmakers Form Crypto and Digital Assets Group

U.K. parliament members and members of the House of Lords have shaped the Crypto and Digital Assets cluster, the Financial Times reported Friday.

Scottish National Party (SNP) MP Lisa Cameron, UN agency can chair the cross-party cluster of lawmakers, explained that the cluster can work to confirm that new rules for the crypto business “support innovation.” She detailed:

“We are at an important time for the world as international policymakers are currently reviewing their approach to crypto and the way it ought to be regulated.”

The new crypto group formally registered with parliament last week. Its members embody former Digital Economy Minister Ed Vaizey and Tory MP Harriett Baldwin, a former JPMorgan executive.

Cryptouk, a trade association for digital assets, can function as the parliamentary group’s secretariat. The association has been lobbying lawmakers for a year for positive crypto regulation within the U.K.

Crypto advocates have warned that the U.K. government has been too slow to ascertain rules for digital Assest businesses, which risks driving them offshore. The U.K. money watchdog, the money Conduct Authority (FCA), has illegal crypto derivatives for retail investors and opposed crypto funds.

Regulators have repeatedly warned regarding the risks from crypto scams and unregulated firms. In line with blockchain knowledge analytics firm Chainalysis, scams involving cryptocurrencies value investors $7.8 billion globally this year.