UK parliamentary crypto group reformed amid push for regulatory clarity
While it's not part of the official legislative machinery, the group functions as a forum for Members of Parliament to liaise with government regulators over crypto regulations.
The group will be supported by CryptoUK, a notable crypto lobby organisation that represents over 150 market stakeholders.
The cross-party coalition will be chaired by Gurinder Josan, a Labour Party MP, and Ed Vaizey, a Conservative member of the House of Lords, according to an announcement. Vaizey is a former government minister for the digital economy.
'Our goal is to make the UK the safest place for consumers and the best place for businesses to invest and build,' Josan said. 'That means establishing robust, fair and future-focused rules.'
With crypto ownership in the UK on the rise, according to research by the Financial Conduct Authority, the relaunched APPG says it wants to explore ways to close the gap between the expanding crypto adoption in the UK and the lack of a fully operational regulatory regime for digital assets.
The newly reformed group comes as market participants are still waiting for concrete moves from the government in terms of crypto regulations.
In April, UK Chancellor Rachel Reeves published draft legislation for crypto regulations and invited public comments.
Still, industry participants in Britain have become even more anxious for clear-cut crypto regulations, especially with developments on that front happening in the US and the EU.
In May, HMRC, the UK's tax authority, announced plans to enact new reporting requirements for crypto companies from next year. Regulators have also tightened crypto ad rules.
Some have criticised the proposed rules as being too strict on the background checks that they'll force crypto firms to comply in order to operate in the UK.
Su Carpenter, executive director of CryptoUK, has hit back against that criticism.
'If you didn't expect that you would have to be in this position to meet these levels of compliance and to operate within these frameworks — where have you been for the last few years?' Carpenter told DL News in May.
Crypto market movers
Bitcoin has dropped 0.5% in value over the past 24 hours and is trading at $117,893.
Ethereum also shed 1.6% in the same period to $3,760.
What we're reading
Pump.fun revenue falls to 10-month low amid competition, memecoin slump — DL News
Interactive Brokers Considers Stablecoin Launch: Report — Unchained
Why this 'dead' token isn't dead— Milk Road
Plasma Public Sale Ends With $373 Million in XPL Commitments — Unchained
Ethereum investors want treasuries to buy more Ether. BitMine just hinted at the opposite — DL News
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him atosato@dlnews.com.
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