UK lawmakers kind crypto advocacy group for parliament: Report

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Lisa Cameron, MP for the UK House of Commons, reportedly heads a lobby group aimed at promoting crypto-related laws in government.

According to a Financial Times report on Friday, MPs and members of the UK House of Lords launched the Crypto and Digital Assets Group to ensure that rules for the UK’s crypto industry “support innovation” like last week. The bipartisan group aims to protect investors from financial crime, including token scams or offers from regulated companies.

“We are at a crucial time for the sector as global policymakers are now also reviewing their approach to crypto and how it should be regulated,” said Cameron.

Palace of Westminster at night. Source: Pexels

The country’s self-regulating trading group for the crypto industry, CryptoUK, has reportedly supported the establishment of the advocacy group. According to Ian Taylor, Executive Director of CryptoUK, the group intends to spend more than $ 67,000 in 2022 to support the Crypto and Digital Assets Group, with a focus on “education, education, education” around crypto assets located.

In 2021, the UK’s Financial Conduct Authority issued numerous warnings to retail investors, alerting them to the potential risk of dealing with crypto firms that are not yet registered with the country’s financial regulator. The UK’s Advertising Standards Authority, the country’s independent advertising regulator, has also removed ads from crypto companies like Coinbase and Kraken.

Related: The Governor of the Bank of England issues a warning about crypto investing

The seemingly growing concern about crypto fraud and illicit transactions in the UK is due to a report by Chainalysis showing that fraudsters received $ 7.8 billion in crypto stolen from victims in 2021, of which more than 2.8 Billions of dollars came from rug pulls. Chainalysis attributed the prevalence of rug pulls to the “space hype” and the lack of code audits for certain DeFi projects.

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