UK Lawmakers Begin Probe On The Crypto Sector

The UK government’s “Crypto and Digital Assets All Party Parliamentary Group” [APPG] has begun an inquiry into the nation’s crypto industry in order to prepare a report and recommendations to share with the government.

As per a press release, the APPG revealed that the probe will focus on issues relating to the crypto and digital assets ecosystem in the country, and will have written findings accepted by Sept. 5, this year.

The group consists of MPs and lords from the main political parties and acts as a forum for policymakers and the UK‘s crypto sector in discussing the industry. 

The group will also take into account the views of crypto operators, regulators, industry experts, and the government on the role of regulation, CBDCs, consumer protection, and economic crime. It also intends to hold several evidence sessions in the upcoming months. 

MP Lisa Cameron, who heads the APPG, stated, “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.”

The country has seen major political changes in recent times, such as the resignation of Treasury Minister John Glen, whose April speech supporting the industry gained a lot of attention from a UK official to date.

UK’s Mixed Signal Is Hampering The Growth Of The Crypto Industry

Glen has been vocal about the need for a regulated framework that will essentially focus on fostering the growth of the sector. However, the same cannot be said for other UK institutions, which have, time and again, raised concerns regarding the safety and viability of crypto-assets.

Bank of England Governor Andrew Bailey, for instance, called criticized the crypto market and called it an “opportunity for the downright criminal.”

It’s precisely this sort of mixed messaging that could hinder the industry’s development.

The crypto market holds roughly a $1 trillion market cap and the flip flop within the political circles could act as a roadblock to the industry’s development.

That said, the U.K. is one of Europe’s leading fintech hubs and is fortunate to be equipped with the infrastructure, investment, and talent to drive the crypto industry. But in order to maintain this position, it needs to take a decisive and unilateral stance on cryptocurrency.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.