The UK’s committee to investigate the country’s approach to crypto
The UK’s Crypto and Digital Assets All Party Parliamentary Group (APPG) has unveiled the details of an investigation into the UK cryptocurrency and digital asset industry.
The inquiry will examine “a number of key areas, including the UK’s current approach to crypto and digital asset regulation and the government’s plans to make the UK the global home for crypto investment,” according to an announcement.
In addition, the APPG will also look at the role of regulators in the UK, such as the Bank of England and the Financial Conduct Authority (FCA); the potential of central bank digital currencies (CBDCs); and possible risks to consumer protection and financial crime, the announcement said.
“The UK crypto sector has seen increased interest from consumers and regulators as the number of people who now own some form of cryptocurrency or digital asset has grown in recent years,” Lisa Cameron, MP who chairs the group, said in the announcement. “We are at a crucial time for the sector as global policy makers are also now considering their approach to crypto and how it should be regulated.”
APPG said in the announcement that it also wants to hear from experts in the crypto community and has given them a deadline of September 5 to submit comments.
The announcement comes three weeks after the UK Parliament’s Finance Committee announced its own inquiry into the role of cryptocurrencies in the UK
Read more: The British Parliament is launching an inquiry into crypto
The committee said its investigation examines “the opportunities and risks that cryptoassets can bring to consumers, businesses and governments (and related bodies),” along with “the potential impact of distributed ledger technology on financial institutions, including the central bank, and financial infrastructure.”
In addition, the committee wants to hear from the public about non-fungible tokens (NFTs) and their potential risks and rewards for both the public and private sectors, and it would also like feedback on how public processes – such as the tax system – could be adapted if cryptocurrency increasing in popularity.
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