As reported by FinExtra, the UK’s parliament has launched a cross-party group of MPs and Lords to cover the crypto and digital assets sector. The group will act as a forum for parliamentarians, policymakers and the UK crypto sector to discuss policy and regulation of the industry. It will also look to address challenges for the sector including creating a regulatory framework that supports innovation and growth while addressing issues such as consumer protection and economic crime.
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<p>The crypto and digital assets sector has remained behind the curve in terms of intended scrutiny and regulation since its birth which has made this launch all the more important. Although full and proper regulation of the space is virtually impossible in current times, there still remains a lot to be taken control of and the government have missed much of the directive over the past decade. As a matter of priority, more education needs to be in place for those starting out who are intending on using cryptocurrencies as a form of investment. With the colossal amount of digital asset scams on the internet causing mayhem for many wannabe investors, the government is right to form a group that will at least discuss the pitfalls and ways to mitigate such outcomes.</p>
<p>We must ensure that we have an appropriate regulatory framework in the UK which supports innovation and guarantees that the UK remains an attractive destination for innovative firms to set up and grow. It is equally vital that we have a clear regime to protect consumers, ensuring they understand the risks, and are protected from the risk of economic harm posed by fraud and scams.</p>