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According to the announcement, the All Party Parliamentary Group (APPG) for the UK Crypto and Digital Assets — a bipartisan group in the UK parliament —is looking to dive deeper further into the crypto industry.
According to a press release, chairperson Lisa Cameron, a member of the Scottish National Party, leads a group of Parliament members from all parties and interests, covering all corners of expertise in the financial and technological fields.
This group will “focus on key policy issues in relation to the UK crypto and digital asset sector and [...] wants to hear from crypto operators, regulators, industry experts and Government on the need for regulation of the sector.”
The APPG will focus primarily on how the UK approaches crypto and digital assets and plans to make the UK a “global home of crypto investments,” as well as how the Bank of England, the FCA, and ASA can meet in the middle and collaborate on how to approach crypto and digital assets, central bank digital currencies in the contexts of crime and consume protection.
“It’s vital that the UK does not take its foot off the gas and that government and regulators keep to their commitments when it comes to crypto and digital assets,” said Cameron.
Ian Taylor, executive director of CryptoUK — a self-regulatory trade association for the crypto asset industry in the UK — said the inquiry is key to the UK’s ambitions in becoming the “crypto aset technology hub” it claimed back in April.
“The Government has said it wants the UK to be the global home for crypto investments and the focus now must be on how the UK can deliver on this commitment,” said Taylor.
All eyes on crypto
The industry has seen a collapse of several key firms, including Three Arrows Capital, Celsius, and Voyager Digital, fueled, at least in part, by the collapse of Terra that left investors and the entire market in turmoil.
With so many affected, regulators around the world are now turning their attention to the industry.
Chair Cameron mirrors this approach, stating that the UK wants to help mend the cracks because “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.”
Interested parties are now being called to submit inquiries until September 5. After that, APPG will begin fielding recommendations from key stakeholders and will share its findings with the Treasury Select Committee in Parliament.