A cross-party group of MPs have set up an inquiry into the cryptoasset industry to assess whether existing regulations are fit for purpose

The All Party Parliamentary Group (APPG) for the UK crypto and digital assets sector will investigate the UK’s growing cryptoasset industry.

cryptoasset industry

The cross-party group, chaired by Dr Lisa Cameron MP, is made up of MPs and Lords from across the main political parties and represents a broad range of interests and expertise in financial services, digital and technology.

The inquiry

The short inquiry will focus on key policy issues in relation to the UK crypto and digital asset sector. As part of its inquiry the APPG is inviting views from across the sector and has said it wants to hear from crypto operators, regulators, industry experts and government on the need for regulation of the sector.

The inquiry will focus on a range of key areas including the UK’s current approach to regulation of crypto and digital assets and the government’s plans to make the UK the global home of crypto investment; the role and current approach of UK regulators including the Bank of England, the Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA) in relation to crypto and digital assets; the potential of central bank digital currencies; and potential risks in terms of consumer protection and economic crime.

The APPG inquiry comes at a time of increased scrutiny of the UK crypto and digital asset sector. The Treasury announced plans earlier this year to make the UK the global home of crypto investment, seeking to attract crypto firms to the UK and to boost the UK’s technology and fintech sector, creating jobs and boosting skills and talent.

Research from HMRC in July 2022  showed that 10% of UK adults said they hold or have held a cryptoasset. That figure is up from 5.7% in January 2021, based on FCA data.

Read our other articles on the ‘crypto’ topic – Taxing cryptoassets

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