The Crypto and Digital Assets All Party Parliamentary Group in the United Kingdom (APPG) recently announced that it has launched an inquiry to examine the country’s current approach to digital asset regulation. The APPG stated that it will not only gather information through evidence sessions but is open to hearing from stakeholders in the sector.
The Crypto and Digital Assets All Party Parliamentary Group (APPG) is a United Kingdom (UK) parliamentary committee that recently announced it had opened an inquiry into the country’s crypto and digital asset sector. The inquiry will examine the country’s current approach in regulation of digital assets and cryptography. The inquiry will also focus on the U.K. government’s plans to make it a “global hub for crypto investment.”
stated in a statement that it will host several evidence sessions in the coming months. The APPG stated that it will gather evidence through public meetings and is open to the views of industry players, such as regulators, operators, and experts in the sector.
After the inquest period has ended, the APPG stated it would prepare “a report with key suggestions and will share its findings to Government for consideration.” It will also be shared with Treasury Select Committee in parliament.
Critical Time for Crypto Industry
Lisa Cameron, chairperson of Crypto and Digital Assets APPG made a comment on the launch.
As the number of digital assets and cryptocurrency owners has increased in recent years, regulators and consumers have been more interested in the UK Crypto sector. The sector is at an important time as global policymakers are now reviewing how they approach crypto regulation.
Cameron said that the group will also examine concerns over financial crime and advertising in the U.K. crypto sector. The APPG will also examine the actions taken by regulators in other jurisdictions.
The group stated that submissions from individuals or organizations who wish to voice their opinions must be submitted via email by September 5. In a statement, the group stated that it will accept research and relevant reports as part of any submitted written submission as an attachment.