According to reports, a group of crypto-apologetic U.K politicians has formed what appears to be a lobbying group in the United Kingdom (U.K). The organization, led by Lisa Cameron, a member of the United Kingdom’s House of Commons, is purportedly aiming to advocate laws that would appear to aid the crypto cause.
Lawmakers in the United Kingdom Form Crypto Advocacy Group
Certain members of parliament in the United Kingdom have formed the “Crypto and Digital Assets Group” with others from the House of Lords. According to the report, the group’s goal is to ensure that legislation for the crypto industry in the United Kingdom “promote innovation.” The inter-party group will also work to protect private investors from a variety of financial crimes, including regulated firm scams.
Cameron also explained why he founded the lobbying group, saying:
We are at a critical juncture in the industry, as global policymakers are rethinking their approach to cryptocurrency and how it should be regulated.”
Meanwhile, the Crypto and Digital Assets Body has gained the support of CryptoUK, the United Kingdom’s self-regulating trade group for the bitcoin business.
Speaking on the group’s assistance, CryptoUK’s executive director Ian Taylor stated that the group has put aside at least $67,000 to fund the Crypto and Digital Assets Group through 2022. Taylor claims that the fund will only be used to educate concerned stakeholders about crypto assets.
The United Kingdom and Its Endless Crypto Laws
The UK Financial Conduct Authority FCA has repeatedly issued cautions to ordinary investors about the hazards of engaging with unregistered crypto companies. The Advertising Standards Authority, the United Kingdom’s independent advertising regulatory agency, also deleted advertisements from crypto-based companies like as Kraken and Coinbase.
However, the United Kingdom did not become so fearful of cryptocurrency overnight. According to a recent Chainalysis analysis, scammers earned at least $7.8 billion in crypto stolen from victims in 2021 alone, with $2.8 billion coming via rug pulls.
This research has undoubtedly contributed to the growing alarm in the United Kingdom about cryptocurrency frauds and unlawful transactions.