U.K. lawmakers in the Crypto and Digital Assets All Parliamentary Group (APPG)
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U.K. lawmakers in the Crypto and Digital Assets All Parliamentary Group (APPG);have recently listed;53 recommendations for crypto regulations in the country.
In the report, the members of Parliament said the U.K. should immediately regulate the crypto industry and appoint a dedicated government official to oversee the process.
APPG Chair Lisa Cameron has stated that the timing of the report is vital both to protect customers and make the U.K. a leader in this industry since the digital asset market is rapidly growing.
The report also outlined the role and responsibilities of the proposed government official.
In addition, the group evaluated the potential of a central bank digital currency (CBDC), which the government is already consulting on, and urged for a new comprehensive tax framework for crypto.
Prime Minister Rishi Sunak has shown efforts to make the country a global crypto hub since his finance ministry.
Sunak's government recently closed a consultation suggesting that crypto services should be regulated like traditional financial services.
In its response to the consultation, CryptoUK, a lobby group affiliated with the APPG, said the U.K. should complete its national regulatory framework for the crypto industry within a year.
On the other hand, the U.K. lawmakers at the Treasury Select Committee;have recently argued;that retail investing in unbacked;cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), should be
legally regulated like gambling.
Currently, all crypto companies must register with the Financial Conduct Authority (FCA), the country's financial regulator, to operate in the U.K.;
In April, while speaking at the City Week conference in London, the FCA's executive director, Sarah Pritchard,;urged crypto companies;to work together to create a framework for crypto regulations.;
