UK parliamentary group calls for submissions in new crypto asset inquiry

The United Kingdom Crypto and Digital Assets All Party Parliamentary Group (APPG) announced Thursday its upcoming inquiry on the country’s crypto and digital asset sector. The announcement included details of the group’s plans and how interested parties can participate.

According to the statement, the inquiry will highlight various areas of engagement with crypto and digital asset space. This includes the U.K.’s current approach to regulations, plans to bolster the country’s crypto investment, central bank digital currencies (CBDCs), potential risks and the role of local regulators such as the Financial Conduct Authority (FCA) and the Bank of England.

The new inquiry comes at the heels of the U.K.’s Treasury Committee also opening an inquiry into the crypto industry.

Lisa Cameron, MP and chair of the Crypto and Digital Assets (APPG), commented on the announcement, saying that the U.K. crypto sector has seen increased 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. She added that:

“We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated.”

Public participants are invited to view the inquiry. Particularly in parts of the sector such as crypto operators, regulators, experts in the industry and government officials. Written submissions will be accepted until Sept. 5 of this year.

Additionally, the group plans for a series of evidence sessions, which will be compiled into a report with essential recommendations and findings on the industry for government consideration.

This development comes after a month of steady developments regarding the crypto industry in the United Kingdom, including the Law Commission of England and Wales making a proposal for digital asset reforms and a new financial markets bill, which now authorizes the regulation of stablecoins and their service providers.

Related: UK financial watchdog exec hints at importance of international collaboration on crypto regulation

Developments within the U.K. hint at the level of seriousness local legislators and those in positions of power allocate towards the crypto space. Matt Hancock, a regional MP, tweeted:

“When it comes to revolutionary technology, it’s not a question of whether it happens or not - it’s whether it happens here or not.”

My speech on the future of cryptohttps://t.co/W4VqNNHkRy
— Matt Hancock (@MattHancock) June 22, 2022

Moreover, as the country prepares for the transition of its prime minister, the crypto industry is on its heels. Last week, it was revealed that both of the final candidates have made crypto-positive remarks.