UK parliament members and members of the House of Lords have formed the Crypto and Digital Assets Group, the Financial Times reported Friday. The cross-party group of MPs will strive to ensure that new rules for the crypto industry ‘support innovation,’ according to Scottish National Party (SNP) MP Lisa Cameron, who will lead the committee. She commented: “We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated.” Last Monday, the new crypto group was officially registered with parliament. Former Digital Economy Minister Ed Vaizey and Tory MP Harriett Baldwin, a former JPMorgan executive, are among its members. The legislative group’s secretariat will be Cryptouk, a trade association for digital assets. For the past year, the group has been pressing lawmakers in the United Kingdom for good crypto regulation. Crypto proponents have warned that the UK government is moving too slowly to establish laws for digital asset businesses, putting them at risk of being driven overseas. The Financial Conduct Authority (FCA) of the United Kingdom has outlawed crypto derivatives for retail investors and is opposed to crypto funds. Crypto frauds and unlicensed enterprises have been frequently warned about by regulators. Scams involving cryptocurrencies cost investors $7.8 billion globally this year, according to blockchain data analytics firm Chainalysis.The ...
