Share this article
UK Lawmakers Start Inquiry Into Crypto Use
Parliament's Treasury Committee is requesting evidence on matters such as the possibility of digital currencies replacing fiat money and the effect of crypto on social inclusion.
Updated May 11, 2023, 5:05 p.m. Published Jul 13, 2022, 2:14 p.m.
Make us preferred on Google
In this article
The U.K Treasury Committee is beginning an inquiry into crypto-related risks and opportunities and the appropriate response from the government and regulatory bodies.
- The committee is requesting evidence on matters such as the possibility of digital currencies replacing fiat money, the effect of crypto on social inclusion and whether the government and regulators are equipped to "grasp the opportunities" presented by crypto assets.
- The Treasury Committee is a cross-party panel of lawmakers whose job it is to scrutinize the policy of the Treasury, Revenue and Customs and other public bodies, including the Bank of England and the Financial Conduct Authority.
- Those wishing to submit evidence have until Sept. 12.
- The inquiry is one of several similar efforts in the country. The government last week set up an inquiry examining the taxation of decentralized finance (DeFi) activities such as crypto asset loans and staking.
- The Treasury also intends to introduce legislation on a regulatory system for stablecoins later this month, according to Deputy Bank of England Governor Jon Cunliffe.
Read more: Boris Johnson to Quit as Pressure From Ministerial Resignations Mounts
STORY CONTINUES BELOW
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Russia plans to cap retail crypto buys at $4,000 as it brings digital assets into the legal fold
Russian lawmakers plan crypto regulations by midyear, permitting trading for qualified and retail investors while banning anonymous coins and domestic payments.
What to know:
- Russia plans to introduce a comprehensive crypto market regulatory framework by July 1, 2027.
- Both qualified and unqualified investors will be allowed to buy cryptocurrencies under different rules, with qualified investors facing mandatory risk testing but no limits on most purchases.
- The central bank is expected to approve a shortlist of major cryptocurrencies such as bitcoin and ether for broad trading, ban privacy coins like monero and zcash, and impose penalties comparable to illegal banking for unlawful crypto activities.
Top Stories
