A UK parliamentary group has published its recommendations to the government for the cryptocurrency and digital asset sector. The list of recommendations includes the appointment of an official to ensure a coordinated regulatory approach for cryptocurrencies and digital assets.
To help policy makers better understand the crypto space, the Crypto and Digital Assets All Party Parliamentary Group (APPG) public a report with 53 recommendations for the sector.
In his main conclusions, The report stands out that the rapid growth of cryptocurrencies and digital assets suggests that “the sector is here to stay.” Therefore, the report also suggests the urgent need for UK cryptocurrency regulation to protect consumers and create barriers to economic growth.
The president of the APPG, Lisa Cameron, stated that, given the growth of cryptocurrencies, the report is vital to ensuring the UK’s leadership in the sector and consumer protection.
Chair of the APPG @DrLisaCameronMP has today published the findings of the APPG inquiry into the Crypto and Digital Asset industry and calls for urgent regulation of the industry in the UK. Download the report here pic.twitter.com/mA6yHrNILL
— Crypto & Digital Assets APPG (@cryptoappg) June 5, 2023
According to the report, UK regulators will play a vital role in fulfilling the government’s vision of making the UK a global hub for cryptocurrency. For this reason, lawmakers also highlighted the need for a coordinated approach among the various government departments and agencies that could be affected by the growth of cryptocurrencies, digital assets, and blockchain technology.
To solve this problem, the report suggests the creation of a coordination function between departments. The government should consider appointing a “crypto czar” to help coordinate the various departments to ensure a consistent approach,” the APPG wrote.
Meanwhile, a specific legislation for cryptocurrencies in the United States could be the beginning of digital asset regulation. In an interview with Cointelegraph, university professor Carol Goforth said that, if lucky, the industry could get specific legislation to regulate the spot or stablecoin market. According to the professor, this could give way to regulation in the country.
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