Parliament has established ‘The Crypto and Digital Assets Group‘ to examine the policy and regulation of the Crypto sector within UK business.
The cross-party group will be chaired by SNP member Lisa Cameron (MP for East Kilbride) that will serve as a forum for parliamentarians to be informed and debate on innovations, policy and the future challenges brought by the development of crypto-led technologies.
The founding of the Westminster group has been backed by digital assets trade association CryptoUK that has lobbied Parliament to implement regulations safeguarding crypto transactions and the purchasing of digital assets.
Of significance, the group had pledged to tackle economic crime and improve consumer protections, as financial institutions warn of cyber gangs taking advantage of unregulated crypto environments to commit crimes.
During 2021, blockchain financial research agency Chainalysis reported that illicit crypto crimes had more than doubled to a £14 billion (£12.2 bn) across the globe.
Parliament has been criticised for falling behind US and European counterparts, in developing a white paper to regulate cryptocurrencies and transactions.
Lisa Cameron MP, chair of the new group, says: “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.”