UK seeks guidance on crypto regulation

A cross-party parliamentary group has launched an inquiry into the UK crypto and digital assets sector to seek advice on cryptocurrency regulation.

At a time of “increased scrutiny of the UK crypto and digital asset sector”, the inquiry covers the UK’s current crypto rules, with a strong focus on the government’s hopes to become a global hub for digital assets.

Earlier this year, Chancellor of the Exchequer Rishi Sunak said it was his “ambition to make the UK a global hub for crypto-asset technology”, adding that he will focus on ensuring “firms can invest, innovate and scale up in the country”.

Although this idea was delayed after he stepped down from the cabinet, the Crypto and Digital Assets All Party Parliamentary Group (APPG) is now asking for guidance from regulators, industry experts, crypto operators and the government on future regulation of the sector.

Alongside regulation, the APPG will look closely into digital assets and central bank digital currencies, all the while examining any risks associated with cryptocurrencies.

The UK has slowly taken the adoption of cryptocurrencies seriously by considering integrating them into more traditional means of finance.

Plans for a “crypto asset technology hub”, have been followed with the promise of enabling consumers to make payments with stablecoins.

The Financial Services and Markets bill is the UK’s first bill covering crypto assets hoping to bring stablecoins into the regulatory framework.

The APPG is asking for all suggestions on regulation – in the form of written submissions – to be completed by Monday, September 5.

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Updated: 08/08/2022 — 12:00