The United Kingdom’s parliament has now launched a cross-party group of MPs and Lords to cover the cryptocurrency and digital assets industry. This group will work as a forum for the policymakers, parliamentarians, and the United Kingdom cryptocurrency industry to discuss policy and regulation of the sector.
It will also aim to address the issues affecting the sector like creating a viable regulatory infrastructure that supports innovation and growth while simultaneously addressing different issues like economic crime and consumer protection.
Lisa Cameron MP, who is the chair of the new group, said:
“We must ensure that we have an appropriate regulatory framework in the UK which supports innovation and guarantees that the UK remains an attractive destination for innovative firms to set up and grow.
“It is equally vital that we have a clear regime to protect consumers, ensuring they understand the risks and are protected from the risk of economic harm posed by fraud and scams.”
With the introduction of a clear regulatory framework to govern the crypto space, experts believe that it brings maturity and solidarity to the crypto sector that is currently hyper-volatile.