UK Launches New Parliamentary Crypto Panel

The UK has increased its influence in the country’s cryptocurrency sector with the Launch of a bipartisan group of legislators with the intention of regulating the fledgling digital currency market.

Nicknamed the Crypto and Digital Assets Group, includes members of Parliament as well as the House of Lords. Its mission is to develop new rules for the digital asset industry that support innovation, Lisa cameron, a member of the Scottish National Party,He said The Financial Times.

“We are at a crucial time for the sector as global lawmakers are also reviewing their approach to crypto and how it should be regulated,” said Cameron, chair of the group and a member of Parliament.

More here: Lawmakers urge London public transport to ban crypto ads

Advocates say that in addition to creating a framework to regulate cryptocurrencies, the group will help fight economic crime and protect consumers.

While regulators issue repeated warnings about the risks of cryptocurrency scams and unregulated companies, cryptocurrency-based crimes hit a record in 2021, with the loss of $ 14 billion, up from $ 7.8 billion in 2020, according to Chainalysis, the blockchain data platform.

But the New York-based research firm said those numbers don’t tell the full story. Cryptocurrency transactions totaled $ 15.8 trillion in 2021, 567% more than in 2020.

In November, Bank of England Governor Andrew Bailey said that the growing popularity of cryptocurrency has been a boon for illicit activity, PYMNTS reported.

“I’m afraid that the advent of digital means of payment, and crypto assets in particular, … is providing another means of payment for people who want to engage in criminal activity,” Bailey said at the time.

See more: Bank of England Governor Warns of Cryptocurrency Use in Cybercrime

The crypto panel is backed by CryptoUK, the digital asset trading association, as regulators and Parliament compete to manage the explosive growth of the crypto markets.

“Our primary focus will be education, education, education,” CryptoUK CEO Ian Taylor said in the FT report. “There is no real promotion and education at that level around crypto assets.”

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