Categories: MarketsMenafn

UK Parliament Pushes for Urgent Revising of Cryptocurrency Regulation

An influential body of UK lawmakers, the Cryptocurrency and Digital Assets All Parliamentary Group (APPG), has urgently called upon the government to expedite the implementation of comprehensive financial regulations for the crypto sector. To streamline the process, they have suggested the appointment of a specific overseer for the task.

Demand for Speedy Crypto Regulation: An Urgency of the Time

Published Monday, the APPG’s comprehensive report underscores the reality that cryptocurrencies are here to stay. As such, immediate regulation is paramount. The committee, represented by various political factions and hailing from both Houses of Parliament, has devised 53 regulatory recommendations to reinforce the UK’s crypto framework.

This announcement arrives in the wake of a proposal by Prime Minister Rishi Sunak‘s government to incorporate cryptocurrency within the existing financial service regulations. Reacting positively, CryptoUK, an influential lobbying group associated with APPG, responded by urging the implementation of specific crypto regulations within the next year – an ambition echoed by the government.

Striving for Greater Control over Crypto Sector

Bills aimed at equipping lawmakers with expanded control over cryptocurrency are presently under parliamentary consideration. Among other benefits, these would aid law enforcement agencies in their efforts to seize and freeze crypto assets.

Crypto companies must register with the Financial Conduct Authority (FCA) to operate legally within the UK. “The rapid proliferation of cryptocurrency and digital assets makes the timing of this report crucial. It aims to protect consumers and ensure the UK’s leadership in this sector,” noted Lisa Cameron, chair of the APPG, in Monday’s press release.

Crypto Regulation: A Step towards UK’s Crypto Hub Ambition

Launched in August of the previous year, the APPG’s crypto inquiry is a follow-up to the government’s April announcement, in which then Finance Minister Sunak expressed the government’s ambition to establish the UK as a hub for cryptocurrency. The APPG solicited insights from crypto industry professionals, regulators, and the general public during the inquiry.

The report details lawmakers’ recommendations for the proposed government official’s role. It reviews current regulatory approaches by institutions such as the Bank of England, the Advertising Standards Authority, and the FCA.

Bridging the Gap: A Call for Comprehensive Crypto Oversight

There is a need for a unified and coordinated approach across all government departments and agencies impacted by the rise of cryptocurrencies, digital assets, and blockchain technologies. It details concerns from numerous crypto companies that have experienced “lengthy delays” or outright application rejections by the FCA, often without any clear explanation.

The lawmakers highlighted concerns about the regulators’ resource capacity to fulfill their crypto-related obligations. They also proposed the establishment of dedicated units within UK regulatory bodies for digital assets.

Forward-Thinking Recommendations for Regulation

The report’s other key recommendations include ensuring that stablecoins are underpinned by high-quality assets, ideally fiat currency, to enable their usage as a form of payment. It also urges the government to investigate the environmental implications of cryptocurrencies thoroughly.

The lawmakers emphasized the need for a new comprehensive tax framework for crypto and addressing issues like UK banks limiting interactions with crypto companies, risks to financial stability, and crypto-related economic crime. These recommendations aim to strengthen the UK’s position as a crypto-friendly nation while ensuring that consumer protection remains at the forefront.

The post UK Parliament Pushes for Urgent Revising of Cryptocurrency Regulation appeared first on CryptoMode.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

How Leclerc & Co. Is Redefining Affordable Luxury in the Watch Industry

In a market flooded with mass-produced designs and influencer-driven hype, a new contender is emerging…

14 hours ago

Arbra Unveils Tokenized Private Equity Basket with SpaceX, Ramp, and Varda on Colb

London, UK, 27th June 2025, Arbra Partners Group (“Arbra”), the global financial services company, has…

2 days ago

Calyptus Launches New AI Hiring Platform To Close the Global Productivity Gap

London, UK, 27th June 2025, ZEX PR WIRE, Calyptus, the hiring platform known for verifying…

2 days ago

Unleashing Ghostdriver by Tearline: Browser-Native AI Agent for the Seamless Web2 and Web3 Task Execution

British Virgin Islands, BVI, 26th June 2025, ZEX PR WIRE, In an era where every second…

3 days ago

Bety Casino Raises the Stakes: New VIP Program Delivers Exclusive Crypto Gaming Benefits for High-Value Players

Paranaque City, Philippines, 26th June 2025, ZEX PR WIRE, Bety, the innovative crypto casino and…

3 days ago

CrocCoin Introduces Groundbreaking Meme-to-DeFi Ecosystem on Solana, Featuring Progressive Decentralization

Innovative Project Merges Meme Culture with Institutional Security, Sustainable Tokenomics, and Community Governance Goiânia –…

5 days ago