- The inquiry will look at how the nation currently regulates digital assets and cryptography.
- All thoughts from the people should be shared by Sep 5 according to the committee.
A parliamentary committee in the United Kingdom (UK) called the Crypto and Digital Assets All Party Parliamentary Group (APPG) recently declared that it had begun an inquiry into the country’s crypto and digital asset market. The inquiry will look at how the nation currently regulates digital assets and cryptography. The investigation will also concentrate on the UK government’s intentions to transform the nation into a “global hub for crypto investment.”
The parliamentary panel announced in a statement that it will convene multiple evidence sessions over the upcoming months. The APPG stated that it is open to hearing opinions from sector participants like crypto operators, regulators, and industry experts in addition to gathering evidence through open meetings.
According to the statement, the APPG will also examine the function of UK regulators like the Bank of England and the Financial Conduct Authority (FCA), the potential of central bank digital currencies (CBDCs), and possible risks to consumer protection and economic crime.
Critical Period for the Crypto Industry
The head of the APPG on Crypto and Digital Assets, Lisa Cameron, commented on the inquiry’s beginning:
“Consumer and regulatory interest in the UK cryptocurrency market has developed as more people possess cryptocurrencies and other digital assets in recent years. We are in a critical period for the industry as international politicians review their stance on cryptocurrency and how it should be regulated.”
The committee is also interested in hearing from the public on non-fungible tokens (NFTs) and their potential risks and rewards for both the public and private sectors. In addition, the committee would like input on how to adapt government procedures, such as the tax system, if cryptocurrencies become more popular.
The committee stated that by September 5, all submissions from people or organizations wishing to express their ideas must be made via email. The organization said in a statement that it will accept research and relevant papers as an attachment to any written submission.
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