UK Members of Parliament Launch Inquiry Amid Plans To Turn Country Into Global Hub for Crypto Investment

by Nitisha Upadhye
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UK Members of Parliament Launch Inquiry Amid Plans To Turn Country Into Global Hub for Crypto Investment

A parliamentary group in the United Kingdom (UK) is planning an inquiry into the country’s crypto and digital assets industry.

The bipartisan parliamentary group known as Crypto and Digital Assets All Party Parliamentary Group (APPG) says the inquiry will, among other things, look into plans by the UK government to turn the country into a “global home of crypto investment.”

“The inquiry will focus on a range of key areas including the UK’s current approach to regulation of crypto and digital assets and the Government’s plans to make the UK the global home of crypto investment; the role and the current approach of UK regulators including the Bank of England, the FCA [Financial Conduct Authority] and the ASA [Advertising Standards Authority] in relation to crypto and digital assets; the potential of Central Bank Digital Currencies; and potential risks in terms of Consumer Protection and Economic Crime.”

The APPG says that as part of its inquiry, it will seek the views of “crypto operators, regulators, industry experts and Government” on the importance of regulating the industry.

The inquiry will involve inviting written submissions from stakeholders and convening evidence sessions with players in the industry over the coming months, according to the APPG. Crypto industry players can also make submissions on other relevant issues not currently listed as APPG’s areas of interest. The deadline for written submissions is the 5th of September this year.

According to the APPG, a report containing key recommendations will be produced after the inquiry. The report will be shared with the government and the Parliament’s Treasury Select Committee.

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