Following the UK government’s plans to become a global hub for digital assets, lawmakers have called for comprehensive crypto regulations. The Crypto and Digital Assets APPG urged the UK government to provide clear regulatory frameworks for digital assets within the next 12-18 months.

In a June 5 publication, the Crypto and Digital Assets All Party Parliamentary Group (APPG) launched an inquiry to identify key elements of digital assets policy development and challenges surrounding the regulation of the evolving asset class.

A Call For Crypto-Dedicated Regulation In The UK

The Crypto and Digital Assets APPG provides a forum for parliamentarians, politicians, regulators, government, and industry to brainstorm challenges and opportunities in the crypto sector. It also provides a platform to discuss the importance of future crypto industry regulation.

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In the June 5 report, the group wrote down 53 recommendations for crypto regulation in the UK. This development comes amid the just concluded consultation by Prime Minister Sunak’s administration. The consultation proposed a crypto regulatory treatment with the same laws as traditional financial services.

However, the Crypto and Digital Assets APPG want the government to provide a dedicated regulatory framework and platform for the crypto sector. 

The APPG also commended the UK government’s proactive steps alongside the Bank of England to explore the potential of CBDCs (digital pound). It urged the government to ensure sufficient an

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Author: Kent

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