Cryptocurrencies are on the agenda for many governments and financial institutions. The UK’s parliament is the latest collective to set up a group to take a closer look at this industry and how digital assets may shape the future. Moreover, it serves as a platform to introduce policy and regulatory measures to bring this industry into the mainstream.
UK Parliament Explores Crypto
While most people see governments meddling with cryptocurrencies as a bad thing, it may be one of the necessary evils. The industry needs more legitimacy before mainstream users will trust it on a large scale. That will, unfortunately, mean that crypto needs some form of policy or regulation. The UK’s parliament intends to offer that solution through a cross-party group of MPs and Lords covering the world of digital assets.
The main objective of this group is to address challenges in the broader industry. Setting up a regulatory framework for digital assets is not easy, as there needs to be support for innovation and growth while addressing concerns including economic crime and consumer protection. Finding a balance between these different facets is never easy, but it needs to be done sooner or later.
MP Lisa Cameron, chair of the new group, adds:
“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.”
The outcome of the UK’s parliament group may pave the way for broader regulation of cryptocurrencies across Europe. More regulation creates a solid framework for the industry and introduces a new layer of legitimacy that can make bitcoin and other digital assets more appealing to a mainstream audience.
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