Fun

UK Lawmakers Form Crypto and Digital Assets Group to Ensure Regulation Supports Innovation

News Feed - 2022-01-11 11:01:48

UK Lawmakers Form Crypto and Digital Assets Group to Ensure Regulation Supports Innovation


U.K. lawmakers have formed the Crypto and Digital Assets Group to ensure that new rules for the crypto industry support innovation. “We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated,” said the British parliament member who will chair the group. British Lawmakers Form Crypto and Digital Assets Group


U.K. parliament members and members of the House of Lords have formed the Crypto and Digital Assets Group, the Financial Times reported Friday.


Scottish National Party (SNP) MP Lisa Cameron, who will chair the cross-party group of lawmakers, explained that the group will work to ensure that new rules for the crypto industry “support innovation.” She detailed: We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated.


The new crypto group officially registered with parliament last week. Its members include former Digital Economy Minister Ed Vaizey and Tory MP Harriett Baldwin, a former JPMorgan executive.


Cryptouk, a trade association for digital assets, will serve as the parliamentary group’s secretariat. The association has been lobbying lawmakers for a year for positive crypto regulation in the U.K.


Crypto advocates have warned that the U.K. government has been too slow to establish rules for digital asset businesses, which risks driving them offshore. The U.K. financial watchdog, the Financial Conduct Authority (FCA), has banned crypto derivatives for retail investors and opposed crypto funds.


Regulators have repeatedly warned about the risks from crypto scams and unregulated companies. According to blockchain data analytics firm Chainalysis, scams involving cryptocurrencies cost investors $7.8 billion globally this year. Tags in this story British lawmakers, crypto and digital assets group, Crypto regulation, Cryptocurrency regulation, FCA, UK lawmakers


What do you think about British lawmakers establishing the Crypto and Digital Assets Group? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Estonia Offers to Share Crypto Experience With US to Identify Best Practices for Digital Assets REGULATION | 8 hours ago Mai Capital Predicts Tough Year for Crypto — Expects Bitcoin and Ethereum to Do Well Once Regulations Come Into Focus REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEstonia Offers to Share Crypto Experience With US to Identify Best Practices for Digital Assets Next articleYellow Card Announces It’s Resuming Deposits and Withdrawals via the Naira Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItItalian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG


The Italian luxury sports car manufacturer headquartered in Maranello, Italy, Ferrari has announced the firm is partnering with Velas Network AG, a firm that specializes in blockchain and non-fungible token (NFT) technology. Ferrari Reveals Partnership With Blockchain Firm Velas On ... read more.Billionaire Ray Dalio Sees Limitation on Bitcoin"s Price, Doubts BTC Can Reach $1 Million This Year"s Top 10 Crypto Asset Gainers Outshined BTC"s and ETH"s 12-Month Returns Bank of Russia Wants to Restrict Crypto Investments by Blocking Card Payments, Report Reveals Colombian Real Estate Platform Allows Users to Acquire Property With Bitcoin

News Feed

Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse
Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse The South Korean government is considering imposing tougher regulations,
SEC approves Grayscale, Proshares spot Ethereum ETFs for trading on NYSE Arca
Alex O’Donnell2 hours agoSEC approves Grayscale, Proshares spot Ethereum ETFs for trading on NYSE ArcaThe issuers must still await final regulatory signoff on S-1 filings before listing the funds.1312 Total views1 Tota
Ethereum Price Forms Megaphone Bottom Not Seen Since 2020, Here’s What Happened Last Time
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Gareth Jenkinson11 hours agoStartup demos upcoming decentralized GPU infrastructure network to OpenAI, UberIo.net has built a decentralized physical infrastructure network that will source GPU computing power for AI and
Miner profitability falls to record lows — Blocksbridge
Vince Quill6 hours agoMiner profitability falls to record lows — BlocksbridgeReduced block rewards post-halving and Bitcoin mining difficulty reaching new heights are eating away at miner revenues.1006 Total views2 Tot
Bitcoin, Ethereum Technical Analysis: BTC Rallies to 1-Month High, as ETH Nears $1,300 
Bitcoin, Ethereum Technical Analysis: BTC Rallies to 1-Month High, as ETH Nears $1,300  Bitcoin surged to a one-month high on Dec. 13, ahead of the latest inflation report from th
Bitcoin Holds Above $90K – On-Chain Data Reveals Key Demand Levels
Este artículo también está disponible en español. Bitcoin recently saw a 9% retrace from its all-time high of $99,800, narrowly missing the psychological $100K milestone.
Boerse Stuttgart: New German Crypto Regulation Poised to Attract Institutional Investors
Boerse Stuttgart: New German Crypto Regulation Poised to Attract Institutional Investors Since the new German crypto regulation went into effect, financial institutions in German
Helen Partz14 hours agoKuCoin crypto exchange to introduce mandatory KYC in JulyKuCoin’s Know Your Customer checks will require new users to complete identity verification to access all services, while existing non-KYC
Why is Solana's Dogwifhat (WIF) memecoin crashing?
Yashu Gola7 hours agoWhy is Solana"s Dogwifhat (WIF) memecoin crashing?WIF price risks declining by another 48% due to the formation of a classic bearish reversal setup.1636 Total views29 Total sharesListen to article 0:
Jesse Coghlan5 hours agoNifty News: Blue chip NFT prices wobble, Credit Suisse tries tokens and moreThe floor prices for some of the largest NFT collections sunk to nearly two-year lows, but have started to edge up in th
OKX Ventures invests in Web3 ‘play ARPG to train AI’ game Blade of God X
Tristan Greene7 hours agoOKX Ventures invests in Web3 ‘play ARPG to train AI’ game Blade of God XThe game is currently available in early access on the Epic Games Store.1142 Total views5 Total sharesListen to article