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A group of lawmakers in the United Kingdom have published their recommendations to the government regarding cryptocurrencies and the digital asset space. The list of recommendations includes the appointment of an official who will ensure a consistent approach to regulating the space of cryptocurrencies and digital assets.
In an effort to help policymakers better understand the cryptocurrency space, the Cryptocurrency and Digital Assets Parliamentary Group (APPG) has published a report containing 53 recommendations for the space.
In its key findings, the report emphasizes that the rapid growth of cryptocurrencies and digital assets suggests that “this sector is here to stay.” Because of this, the report also states that there is an urgent need for regulation of cryptocurrencies in the UK to protect consumers and create barriers to economic growth.
APPG Chair Lisa Cameron said that given the rise of crypto, the report is vital to ensure the UK leads the sector and protects consumers.
Chair of the APPG @DrLisaCameronMP has today published the findings of the APPG inquiry into the cryptocurrency and Digital Asset industry and calls for urgent regulation of the industry in the UK. Download the report herehttps://t.co/nwHvl8LsVF pic.twitter.com/mA6yHrNILL
— Cryptocurrency & Digital Assets APPG (@cryptoappg) June 5, 2023
According to the report, UK regulators will play a vital role in realizing the government’s vision of making the UK the global center for cryptocurrencies. Because of this, lawmakers have also highlighted the need for a coordinated approach between various government departments and agencies that could potentially be affected by the rise of cryptocurrencies, digital assets, and blockchain technology.
To solve this problem, the report proposes to create a role that will coordinate the work of all departments. “The government should consider appointing a ‘crypto czar’ who can help coordinate across departments to ensure a consistent approach,” writes APPG.
Related: UK trade body Kraken pokes fun at legislator’s description of cryptocurrency as ‘gamble’
Meanwhile, in the United States, targeted cryptocurrency legislation could potentially get underway. In an interview with Cointelegraph, university professor Carol Goforth said that if they are lucky, the US could get targeted legislation to regulate the spot market or legislation on stablecoins. According to the professor, this could give impetus to the creation of regulations in the country.