UK lawmakers form crypto advocacy group for parliament: Report

Lisa Cameron, a member of parliament in the UK House of Commons, is reportedly chairing a lobby group aimed at promoting cryptocurrency-related legislation in government.

According to a report from the Financial Times on Friday, Members of Parliament, as well as members of the House of Lords in the United Kingdom, launched the Crypto and Digital Assets Group to ensure that the rules for the crypto industry in the UK “support innovation” as of last week. The multi-party group aims to protect investors from financial crime, including token scams or deals from regulated companies.

“We are at a crucial time for the sector as global lawmakers are also reviewing their approach to cryptocurrencies and how they should be regulated,” said Cameron.

Palace of Westminster at night. Source: Pexels

The country’s self-regulating trade group for the crypto industry, CryptoUK, reportedly endorsed the creation of the advocacy group. According to CryptoUK CEO Ian Taylor, 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. .

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

Related: Bank of England Governor Issues Warning on Cryptocurrency Investments

The seemingly growing concern over crypto scams and illicit transactions in the UK comes as a report by Chainalysis showed that scammers received $ 7.8 billion in cryptocurrency stolen from victims during 2021, of which more than $ 2.8 billion millions came from carpet pulls. Chainalysis attributed the prevalence of carpet pulling to “hype in space,” in addition to the lack of code audits for certain DeFi projects.