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Top Cryptocurrency News: United Kingdom Parliamentary Group Seeks Views of Crypto Industry Players

06-Aug-2022 By: Shikha Jha
Top Cryptocurrency N

The Crypto and Digital Assets All Party Parliamentary Group (APPG) in the United Kingdom has announced the launch of an inquiry into the country's current approach to crypto and digital asset legislation. 

In addition to gathering information through evidence sessions, the APPG stated that it is also open to hearing from industry participants.

The Crypto and Digital Assets All Party Parliamentary Group (APPG) in the United Kingdom (U.K.) has announced the launch of an inquiry into the country's crypto and digital assets industry. The inquiry will center on the country's existing approach to crypto and digital asset legislation. It will also look at the United Kingdom's plans to make the country a worldwide hub for crypto investment.

The parliamentary panel stated in a statement that it will convene multiple evidence sessions in the coming months. In addition to gathering evidence through public hearings, the APPG stated that it is also open to hearing from industry participants such as crypto operators, regulators, and industry experts.

Following the conclusion of the inquest, the APPG stated that it will develop a report with major recommendations and will share its findings with the government for consideration. The study will also be shared with parliament's Treasury Select Committee.

Lisa Cameron, chairman of the Crypto and Digital Assets APPG, commented on the inquiry's launch:

“The UK Crypto industry has witnessed greater attention from consumers and authorities as the number of individuals who hold some sort of cryptocurrency or digital asset has surged in recent years. We are in a crucial phase for the sector, as global governments are rethinking their approach toward cryptocurrency and how it should be regulated.”

Cameron also stated that the panel will investigate issues about financial crimes and advertising in the UK's crypto industry. The APPG will further investigate the actions taken by regulators in other jurisdictions.

Meanwhile, the group's statement stated that submissions from individuals and entities willing to express their opinions must be made by email on or before September 5. The announcement also stated that the APPG will accept relevant studies and research as an appendix to any written contribution.

Read also: Top Cryptocurrency News: US Senators Introduce a Bill to Grant the CFTC Exclusive Jurisdiction Over Digital Commodities Spot Market



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