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UK Crypto-Focused Parliament Group Calls on New PM Sunak to Clarify Crypto Policies
The group’s chair said on Tuesday that firms in the U.K. “desperately need clarity” over the country’s approach to crypto policy.
Updated Oct 25, 2022, 7:50 p.m. Published Oct 25, 2022, 7:13 p.m.
The Crypto and Digital Assets All Party Parliamentary Group (APPG), which is chaired by Scottish National Party member of Parliament (MP) Lisa Cameron, has called for the British government to provide clarity in terms of its commitments to the crypto sector.
The request comes on the heels of the recent appointment of Rishi Sunak as the U.K.’s new prime minister. Sunak announced during his time as finance minister under former Prime Minister Boris Johnson that he wanted to turn the U.K. into “a crypto hub,” but hasn’t said anything more on the matter since then.
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On Tuesday, the House of Commons, the lower house of the U.K. Parliament, voted in favor of recognizing crypto assets as regulated financial instruments and products.
Cameron said in a written statement issued to the media on Tuesday that “U.K. crypto and digital asset firms desperately need clarity over the U.K.’s approach to crypto policy and for the government to deliver on its vision for the U.K. crypto sector.”
The MP said that crypto businesses want regulation that provides regulatory clarity and business certainty.
“We need a proportionate approach to regulation that balances risk, ensures high levels of consumer protection and that doesn't hamper growth and innovation in the sector,” Cameron argued.
APPG provides a forum for parliamentarians, regulators and the British government to discuss challenges and opportunities relating to the crypto sector, according to its website.
Read more: Crypto-Friendly Rishi Sunak to Become UK Prime Minister Following Truss Exit
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