Lisa Cameron, chair of the APPG, emphasized the significance of the report in preserving the United Kingdom's leadership position in the crypto industry and protecting consumers.
The recommendations that a parliamentary group in the United Kingdom has made to the government regarding the crypto and digital asset sectors have been made public. The appointment of an official to ensure a coordinated regulatory approach to crypto and digital assets is included in the list of recommendations.
The Crypto and Digital Assets All Party Parliamentary Group (APPG) released a report with 53 recommendations for the industry to assist policymakers in better comprehending the crypto industry.
The report's main conclusions stated that "the sector is here to stay" due to the rapid growth of cryptocurrencies and digital assets. Along these lines, the report likewise recommends a dire requirement for crypto guidelines in the U.K. to safeguard shoppers and make guardrails that guarantee financial development.
APPG seat Lisa Cameron said that given the development of crypto, the report is imperative to guarantee the U.K.'s authority in the area and that purchasers are safeguarded.
The report says that UK regulators will be crucial in implementing the government's plan to make the UK a global crypto hub. As a result, lawmakers also emphasized the need for a coordinated approach among the various government departments and agencies that may be affected by the development of blockchain technology, digital assets, and cryptocurrency.
The report recommended the creation of a department-wide coordination role to address this issue. Government ought to consider the arrangement of a 'Crypto Tsar' who can help coordinate across divisions to guarantee a predictable methodology," the APPG composed.
Related: An UK trade organization, mocks lawmakers for calling cryptocurrency "gambling.".
Meanwhile, targeted crypto legislation in the United States could get things started. In an interview, college teacher Tune Go-forth said that assuming it is fortunate, the business could get designated regulation on spot market or stable-coin guidelines. As per the teacher, this could start off guidelines in the country.
(EZRA REGUERRA, CoinTelegraph, 2023)