UK Parliamentary Group Urges Swift Action for Crypto Leadership in Limited Timeframe
The Crypto and Digital Assets All Party Parliamentary Group (APPG) in the United Kingdom emphasizes the country’s potential to become a leader in the digital asset space through prompt action. According to the bipartisan group’s new report, the UK has a crucial timeframe of approximately 12-18 months to establish clear crypto regulations and secure a leadership position in the global digital asset market. The APPG warns that without swift action, other countries with existing regulatory frameworks will reap the majority of benefits from the industry. To achieve this, the report recommends the creation of a new position, the ‘Crypto Tsar,’ to lead the rule-making process for digital assets and ensure a consistent approach across government departments.
With the rapid growth of cryptocurrencies and digital assets and increased interest from consumers and investors, the report asserts that regulation is necessary to protect consumers, provide investment safeguards, and promote economic growth. The report highlights the potential opportunities of the digital asset industry, including efficiency and innovation in financial services, economic growth, career advancements, research collaborations, and increased financial inclusion. However, it also stresses the need for comprehensive regulation to address concerns such as consumer protection, economic crime, and financial stability.
Clever Robot News Desk 8th June 2023