The UK is always known for the sweet spot that the country has for cryptocurrencies and other digital assets, but recently a decision has been made by the UK parliament to initiate an inquiry into the crypto industry operating within the country. This decision comes out on the basis of a lot of scams that are hovering over the crypto space and checking out whether or not the exchanges and the tokens that these have listed on them are complying with all the regulations and standards of the regulatory commissions or not.
Apparently, it is the crypto and digital assets all-party parliamentary group or APPG that has called in this practical inquiry into the crypto landscape of the company. The draft of the order reads that there will be meetings with the regulatory groups operating within the country, crypto exchanges, consumer protection programs, and CBDC developers to determine the economic value of the crypto landscape within the country and just how much interest people have towards the crypto market.
All the reports of these sessions, the recommendations that shine on the horizon, and everything will be debriefed to the present government so that the government can better align its future strategies regarding the crypto market and how it wants to tackle this digital sector.
Government should Work with Regulators, Says APPG Chair
Lisa Cameron, the chair of APPG, said during an interview that it is paramount for the investors, regulators, and the government to work together in sustaining best practices within the crypto market and all the digital assets that are being traded, whether as assets or securities.
She further said that government should not go about banning every crypto opportunity that the country presently has, like Europe or US but give these digital commodities a chance to be able to prove themselves out and regulatory offices to confirm whether or not they can work with our system.
In the end, it was also announced that all the data perceived during the interviews and other hearings regarding this matter would be shared with the government as well as the treasury so that they can come up with some sort of system to better work with these digital assets.