A parliamentary group in the United Kingdom has published its recommendations to the government for the crypto and digital asset sector. The list of recommendations includes the appointment of an official who will ensure a coordinated regulatory approach to crypto and digital assets.
To help policymakers better understand the crypto space, the Crypto and Digital Assets All Party Parliamentary Group (APPG) published a report containing 53 recommendations for the industry.
In its key conclusions, the report highlighted that the rapid growth of crypto and digital assets suggests that “the sector is here to stay.” Because of this, the report also suggests an urgent need for crypto regulation in the U.K. to protect consumers and create guardrails that ensure economic growth.
APPG chair Lisa Cameron said that given the growth of crypto, the report is vital to ensure the U.K.’s leadership in the sector and that consumers are protected.
Chair of the APPG @DrLisaCameronMP has today published the findings of the APPG inquiry into the Crypto and Digital Asset industry and calls for urgent regulation of the industry in the UK. Download the report herehttps://t.co/nwHvl8LsVF pic.twitter.com/mA6yHrNILL
— Crypto & Digital Assets APPG (@cryptoappg) June 5, 2023
According to the report, U.K. regulators will play a vital role in delivering the government’s vision to make the U.K. a global crypto hub. Because of this, the lawmakers also highlighted the need for a coordinated approach across various government departments and agencies that could potentially be impacted by the growth of crypto, digital assets and blockchain technology.
To solve this challenge, the report suggested the creation of a role coordinating across departments. “Government should consider the appointment of a ‘Crypto Tsar’ who can help coordinate across departments to ensure a consistent approach,” the APPG wrote.
Meanwhile, in the United States, targeted crypto legislation could potentially start the ball rolling. In a Cointelegraph interview, University professor Carol Goforth said that if they are lucky, the U.S. could get targeted legislation on spot market regulation or stablecoin legislation. According to the professor, this could kick off the creation of regulations in the country.