The United Kingdom has It has strengthened its influence on the cryptocurrency sector in the country with the A bipartisan group of lawmakers launched with the aim of regulating the emerging cryptocurrency market.
Dubbed the Crypto and Digital Assets Group, It includes members of parliament As well as the House of Lords. Its mission is to craft new rules for the digital asset industry that support innovation, Lisa Cameron, which is a member of Scottish National Party Tell Financial Times.
“We are at a critical time for the sector as global policy makers are now reviewing their approach to cryptocurrencies and how they are regulated,” said Cameron, chair of the group and Member of Parliament.
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Supporters say that in addition to creating a framework for regulating cryptocurrency, the group will help fight economic crime and protect consumers.
While regulators frequently issue warnings about the dangers of cryptocurrency scams and unregulated businesses, crypto-based crimes have hit score high In 2021, it will lose $14 billion, up from $7.8 billion in 2020, according to Chainalysis, a blockchain data platform.
But the New York-based research firm said those numbers don’t tell the whole story. Total cryptocurrency transactions amounted to $15.8 trillion in 2021, 567% more than in 2020.
In November, Bank of England Governor Andrew Bailey said the growing popularity of cryptocurrencies was a boon to illicit activity, PYMNTS reported.
“I fear that the advent of digital means of payment, especially crypto assets, … provides another means of payment for people who want to engage in criminal activity,” Bailey said at the time.
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The crypto board is backed by CryptoUK, the digital asset trade association, as regulators and parliament race to manage the explosive growth of the cryptocurrency markets.
“Our primary focus will be education, education and education,” Ian Taylor, CEO of CryptoUK, said in a Financial Times report. “There is no real advocacy and education at this level about crypto assets.”