The UK is all set to introduce crypto financial services regulations as deemed in the public interest by the nation’s lawmakers. Talks of a government official being hired to oversee the task are on the horizon.
As per a report published on Monday, the Crypto and Digital Assets All Parliamentary Group (APPG) reiterated the prominence of crypto and how it needs immediate regulation. The group, inclusive of top US lawmakers, have advanced 53 suggestions in total to regulate digital assets.
Further, CryptoUK, a group affiliated with APPG responded to the situation with a suggestion that the UK should have specific crypto regulations in place in the coming year. Various bills are already in flux in the UK Parliament to place more power in the hands of the lawmakers to regulate the sector.
Currently, all crypto firms operational in the country have to be registered with the Financial Conduct Authority(FCA). The APPG inquiry was introduced in August last year and has recently gained momentum, subject to the rapid growth of the digital asset platform. Sunak, the then Finance Minister was an avid supporter of the bill and still is in favour of developing the nation into a crypto hub.
In the elaborately laid out report, the US lawmakers mentioned the government’s role in the regulatory mechanism and made suggestions to cut down on any form of red tape. The backing of stablecoins by high-quality assets, and the environmental impact of crypto and fiat currency were some of the extensively discussed topics., along with a comprehensive tax framework for crypto.
