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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.
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
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Hong Kong proposes new rules to tap insurance capital into cryptocurrencies
Public consultation on the proposal will occur from February to April 2025, with legislative submissions expected later that year.
What to know:
- Hong Kong is considering new rules to allow insurers to invest in digital assets, potentially boosting institutional crypto adoption in Asia.
- The proposal mandates a 100% risk charge on direct crypto holdings, requiring insurers to reserve a dollar for every dollar invested.
- Public consultation on the proposal will occur from February to April 2025, with legislative submissions expected later that year.
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