UK Regulators Established Crypto Advocacy Group For Parliament

By Tracy Hannes | January 8, 2022

Lisa Cameron, a member of parliament for the United Kingdom’s House of Commons, is reportedly going to take up the chairwomen role of a lobbying group, dedicated to supporting crypto-centric regulation. 

Specifically, per the Financial Times, members of parliament, together with members of the House of Lords in the UK, reportedly rolled out the Crypto and Digital Assets Group, aimed at making sure legislations related to the crypto sphere in the UK “support innovation” are met. 

The cross-party group reportedly has a primary goal of offering safeguarding for investors against different financial crimes, including token scams or offerings from regulated firms.

“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” Cameron reportedly remarked. 

CryptoUK – the nation’s self-regulating trade group for the crypto sector – reportedly threw their weights behind the development of the advocacy group.

As revealed by CryptoUK executive director Ian Taylor, the group reportedly has a main target of investing over $67,000 in 2022 to assist the Crypto and Digital Assets Group, with a concentration on “education, education, education” around crypto assets.

Last year, the U.K Financial Conduct Authority reportedly completed the issuance of a variety of warnings to retail investors, offering them advice on the potential risk connected to doing business with crypto entities that fail to complete their registration with the nation’s financial watchdog. 

Advertising Standards Authority – the independent advertising regulating entity of the nation – also removed promotions run by crypto companies such as Coinbase and Kraken.

The seemingly developing worries associated with UK-based crypto scams and illicit transactions reportedly surfaced following a report from Chainalysis showing scammers received $7.8 billion in crypto stolen from victims over 2021, of which over $2.8 billion is generated from rug pulls.

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