The UK Parliamentary Group has launched an investigation into further regulation of the growing cryptocurrency market.
APPG hits the button for cryptocurrencies
The UK continues to establish a clear cryptocurrency regulatory outlook. In the process, several organizations emerged to contribute to policy making to govern the industry. Notably, the All-Party Parliamentary Group (APPG) has launched an investigation that takes into account the need for further regulation of the UK crypto space.
APPG said in a press release published Aug. 4 that the investigation improves on the UK’s current approach to crypto regulations. The UK Parliamentary Group says it aims to make the region a global hub for cryptocurrencies.
The investigation will also review the role of UK regulators towards cryptocurrency regulations, CBDC and related risks. Also, as part of the investigation, APPG is expected to seek input from crypto operators, regulators, industry experts and government, including bodies such as the Bank of England, the Financial Conduct Authority and the Advertising Standards Authority.
The growing popularity of crypto in the UK
The growth of cryptocurrencies in the country is motivating the investigation, according to Lisa Cameron, head of the group. For example, research shows that as of July 2022, 10% of adults in the UK own cryptocurrency. These users also see cryptocurrencies as a long-term investment tool. According to Cameron’s recent statements:
The UK crypto sector has seen increased attention from consumers and regulators in recent years as the number of people holding some form of cryptocurrency or digital asset has increased. This is a crucial time for the industry as global policymakers are now reviewing their approach to crypto and how it should be regulated.
Stakeholder support for the investigation
In particular, players in the crypto industry under CryptoUK have welcomed the investigation, arguing that it will bring sanity to the industry. CryptoUK executive director Ian Taylor recommends the following on regulation:
The UK crypto sector recognizes the importance of a well-regulated industry in the UK and supports regulations that ensure business certainty and promote a healthy and robust market. We want to see a proportional approach to regulation that balances the need for consumer protection with the need to support innovation and growth.
APPG is expected to share the investigation’s recommendation with the government for consideration. Interested stakeholders will have until 5 September to present their views. The UK Law Commission has also released an advisory focused on identifying crypto ownership to protect users’ rights, as part of legislative proposals specifically geared towards governing the crypto industry. The Commission has proposed expanding UK property laws to recognize and protect cryptocurrencies.
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