UK committee to investigate the country’s approach to cryptocurrencies

The UK Cryptocurrency and Digital Assets All Party Parliamentary Group (APPG) has revealed details of an investigation into the UK cryptocurrency and digital asset industry.

The inquiry will examine “a range of key areas, including the UK’s current approach to crypto and digital asset regulation and the government’s plans to make the UK the global home of crypto investment,” according to an announcement.

In addition, the APPG will also look at the role of regulators in the UK, such as the Bank of England and the Financial Conduct Authority (FCA); the potential of central bank digital currencies (CBDCs); and potential consumer protection and economic crime risks, according to the announcement.

“The UK crypto sector has seen heightened interest from consumers and regulators as the number of people who now own some form of cryptocurrency or digital asset has grown in recent years,” said Lisa Cameron, MP who presides over the group, in the ad. “We are at a crucial time for the sector as global policy makers are also reviewing their approach to crypto and how it should be regulated.”

APPG said in the announcement that it also wants to hear from experts in the crypto community and has given them a deadline of September 5 to submit comments.

The announcement comes three weeks after the UK Parliament’s Treasury Committee announced its own investigation into the role of cryptocurrencies in the UK.

Read more: UK Parliament Launches Cryptocurrency Inquiry

The committee said its research examines the “opportunities and risks that crypto assets may bring to consumers, businesses, and government (and associated agencies),” along with the “potential impact of distributed ledger technology on financial institutions, including the central bank, and financial infrastructure.”

In addition, the committee wants to hear from the public about non-fungible tokens (NFTs) and their potential risks and rewards for both the public and private sectors, and would also like to receive feedback on the ways in which government processes, such as the tax system , can be adapted if the cryptocurrency gains popularity.

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