Over the last few months, the United Kingdom has been going heavy on regulations cracking down on some of the biggest companies like Binance. But the latest news is that lawmakers from Westminster have joined hands to form a crypto advocacy group and “support innovation” in this industry.
Dubbed the Crypto and Digital Assets Group, it consists of UK MPs along with the Members of the House of Lords. SNP MP Lisa Cameron, who will be chairing this group, said that they will work towards creating laws and rules that support overall innovation.
The Group will also look into ensuring the right consumer protection measures are in place. Cameron said how to “best protect consumers” also needs to be a “top priority for government and regulators”. The Westminster Group has been backed by the Digital Assets trade association CryptoUK. Speaking of this development, lawmaker Lisa Cameron said:
“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”.
Lobbying By U.K. Crypto Businesses
The crypto firms operating in the U.K. have been lobbying for introducing the rules in a timely manner. They have complained that the U.K. has been slow enough in creating the right frameworks for crypto laws which have ultimately forced them to shift their businesses to offshore locations.
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Besides, the topmost regulator – Financial Conduct Authority (FCA) – has also banned the firms from introducing crypto derivative products for retail investors. The FCA has also opposed crypto funds such as the Bitcoin ETFs or any other crypto ETF. Speaking to the Financial Times, Philip Hammond, the former UK chancellor said:
“The UK has not moved as quickly as Switzerland, Singapore and even Germany” and that the country mush look forward to adoption financial innovation.
Over the last year, CryptoUK has been pushing lawmakers to introduce a sound regulatory framework in the country. Ian Taylor, executive director of CryptoUK said: “Our primary focus will be education, education, education. There is no real advocacy and education at that level around crypto assets.”
The trade association representing companies like eToro and Crypto.com will serve as a secretariat to the parliamentary group. The lawmakers will also work on setting up rules for crypto advertising.
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