- June 7, 2023
- Posted by: [email protected]
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The United Kingdom’s Crypto and Digital Assets All Party Parliamentary Group (APPG) has released a report containing 53 recommendations for the crypto and digital asset sectors, with the aim of informing government policymakers and ensuring the country’s leadership in the industry while protecting consumers.
One of the key conclusions highlighted in the report is that the rapid growth of the crypto and digital asset sectors indicates their permanence and importance. Consequently, the report emphasizes the urgent need for regulatory measures in the UK to safeguard consumers and establish a framework that promotes economic growth.
APPG Chair Lisa Cameron underscored the significance of the report for maintaining the UK’s leadership position in the crypto sector and ensuring consumer protection. She emphasized the need for proactive regulation given the industry’s expansion.
The report emphasizes the crucial role of UK regulators in realizing the government’s vision of establishing the country as a global hub for cryptocurrencies. To achieve this, the report suggests a coordinated approach across various government departments and agencies that may be affected by the growth of crypto, digital assets, and blockchain technology.
To address this coordination challenge, the report proposes the creation of a new role responsible for facilitating collaboration among departments. The suggested role, dubbed the “Crypto Tsar,” would ensure a consistent and unified approach to crypto regulation across the government.
In the United States, targeted legislation focused on spot market or stablecoin regulations could potentially set a precedent and serve as a catalyst for broader regulations in the country. Professor Carol Goforth, a university professor , suggests that if the industry is fortunate, such legislation could kickstart the regulatory process in the US.
The report from the UK’s APPG and the potential for targeted legislation in the US highlight the growing recognition among policymakers worldwide regarding the need for regulatory frameworks to govern the crypto and digital asset sector, both to protect consumers and promote sustainable growth.
