Crypto

Crypto Industry: British MPs Launch Investigation – Coins.fr

APPG, a British parliamentary group, is launching an investigation into crypto assets and their industry. Among the goals pursued: to assess the current regulation and risks for consumer protection.

Last month, the outgoing AMF chairman lambasted the steep drop in valuations, “chain defaults and broken promises” in the crypto asset market. Robert Ophel also testified to the desire of the international community to tighten the rules.

This file is also being studied in the United Kingdom, in particular at the initiative of a parliamentary group. The All-Party Parliamentary Group on Cryptocurrency and Digital Assets (APPG) announces an investigation.

Doubt about cryptopolitics?

This will cover several key topics related to cryptocurrencies and their businesses. As such, MPs from various political persuasions want to examine the government’s current strategy in terms of regulating crypto and digital assets.

APPG also indicates it wants to revise the executive’s plan to make the UK, a recognized financial center, the preferred location for these new products and investments.

Finally, the parliamentary mission will focus on regulatory policy, the potential of CBDCs, and potential risks in terms of consumer protection and economic crime.

As part of its investigation, APPG is inviting industry players, including cryptocurrency operators, regulators, industry experts, and the government, to give their opinion on the need for regulation of the industry.

A defining moment for the crypto sector

So these parties will not benefit from a summer break. They have until September 5 to submit their proposals and arguments. However, APPG will also be holding auditions over the next few months.

At the end of this process, British MPs will produce conclusions and recommendations. This work will complement the work of the Parliamentary Treasury Committee, which has launched its own investigation into the sector.

We are at a critical time for the sector as global policy makers are also rethinking their approach to cryptocurrencies and how they should be regulated,” says APPG President Lisa Cameron.

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