Blog: British lawmakers form Crypto and Digital Assets Group for innovation in the sector – Times of India

Members of the UK parliament and House of Lords launched the Crypto and Digital Assets All parliamentary Group to ensure new rules and innovation for the crypto industry in the UK, reported the Financial Times on January 7. The Crypto and Digital Assets Group would provide a forum for parliamentarians, regulators, Government and industry to discuss the challenges and opportunities relating to the crypto sector and to explore the need for future regulation of the sector. The MP and chairperson of the group, Lisa Cameron said the group aims at promoting crypto-related legislation in the government.

Cameron would chair the cross-party group of the British lawmakers. She said that the group aims to safeguard investors from financial crimes, including token scams or offerings from regulated companies.

Some important details about the new crypto group are:

* The group was officially registered with parliament, a week before the launch.

* 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 UK.

Crypto advocates have repeatedly warned the UKgovernment about risks from crypto scams and unregulated companies, and for not establishing rules for digital assets. In 2021, the Financial Conduct Authority (FCA), a financial regulatory body in the UK, issued numerous warnings to retail investors of the potential risks in dealing with unregistered crypto firms.

(For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.)

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