UK team eyes changing government approach to cryptocurrencies

The UK All-Party Parliamentary Group (APPG) has launched a review of the country’s regulatory stance on cryptocurrencies. According to the announcement, the survey aims to collect feedback on the UK government’s attitude towards cryptocurrencies.
In addition, the APPG plans to evaluate the government’s agenda for the development of the cryptocurrency industry in the country. Through this survey, the group will focus on how the government can attract cryptocurrency investors to come to the UK.
The panel revealed that it will organize a series of evidence hearings in the coming months, which will be conducted through official statements. In addition to collecting feedback through general meetings, the panel also intends to consult with prominent figures in the industry. The APPG also plans to consult experts, companies and other service providers to seek their opinions. According to the panel, the investigation will end in September 2022.
The group plans to follow up by merging a comprehensive view of the feedback received. It will then make recommendations to the relevant bodies for discussion. The APPG added that selected committee members from HM Treasury will process the feedback received.
Lisa Cameron, the chairperson of the panel, reflected on the survey. According to Cameron, investors and regulators have shown a strong interest in cryptocurrencies in the UK. The chairperson reviewed the significant growth in the number of investors and holders over the past few years. Cameron sees this growth as the main reason why the UK government must readjust its stance on cryptocurrency regulation.
The chairman added that regulators around the world are gradually reviewing cryptocurrency regulation. He claimed that the APPG will make recommendations on existing regulatory work regarding fraudulent cryptocurrency transactions.
In addition, Cameron announced that the APPG will address the growing issue of misleading information in cryptocurrency advertising. The chairman assured that the group will also deal with cases of fraudulent transactions using cryptocurrencies.
The group then plans to investigate whether the government is fulfilling its responsibilities to protect investors and consumers. The APPG added that it will consider how other regulators are handling cryptocurrencies in their respective areas and take inspiration from them.
However, the official statement states that the deadline for groups and individuals to submit comments is September 5. The group acknowledged that comments can be submitted by email. The APPG acknowledged that they would appreciate facts and research to support the submissions.
The panel’s inquiries are not limited to cryptocurrencies. They revealed that they will also accept opinions on the UK government’s central bank digital currency (CBDC). The panel added that these opinions should cover the possible uses and risks of CBDC. Finally, Cameron stressed the importance of regulators being vigilant about the cryptocurrency industry.