A group of MPs in the UK, known for their skepticism towards cryptoassets, formed a lobby group advocating cryptocurrencies to soften the government’s skepticism.
The Crypto and Digital Assets Group, led by UK MP Lisa Camero, aims to promote legislation that will benefit cryptocurrencies.
In addition to members of the House of Lords, the Crypto and Digital Assets Group also includes members of parliament. The group also aims to protect investors from financial crimes such as crypto fraud.
Lisa Cameron said the following about the group created to support cryptocurrencies:
“We are at a crucial time for the industry as global policymakers are now reviewing their approach to crypto and how it should be regulated.”
UK’s Cryptocurrency Approach And Bans!
The UK Financial Conduct Authority, the FCA, issued multiple warnings to retail investors in 2021, advising on the potential risks involved in dealing with unregistered crypto firms.
In this context, the UK Advertising Standards agency ASA has removed many cryptocurrency ads, including Kraken and Coinbase.
The Bank of England (BoE), which has always expressed its skeptical approach towards cryptocurrencies, thinks that it may pose a danger to the current financial system in the face of rapid adoption of cryptocurrencies.
The BoE also criticizes the volatile nature of Bitcoin and other cryptocurrencies, saying that investors should be cautious about cryptocurrencies.
*Not investment advice.