Lisa Cameron, a Member of the British House of Commons, is said to be leading a lobbying group that aims to promote cryptocurrency-related legislation in the government.

MPs as well as members of the British House of Lords created the Crypto and Digital Assets Group to provide rules for the British cryptocurrency industry that “support innovation”, according to a report in the Financial Times on Friday. last week. The multilateral group is committed to protecting investors from economic crime, including fraud or offers from regulated companies.

“We are at a critical time for the sector as global decision makers are also reassessing their approach to cryptocurrencies and how they should be regulated,” Cameron said.

Westminster Palace at night. Source: Pexels
The country’s self-regulatory trading group for the cryptocurrency industry, CryptoUK, has reportedly supported the creation of an advocacy group. According to Ian Taylor, CEO of CryptoUK, the group intends to spend more than $ 67,000 by 2022 to support the digital and digital asset pool, focusing on “education, training and education” in relation to cryptocurrencies.

In 2021, the UK Financial Conduct Authority issued several warnings to retail investors informing them of the potential risks of dealing with cryptocurrency companies that were not yet registered with the government’s financial services. The UK Advertising Standards Authority, the country’s independent advertising regulator, has removed ads from crypto companies including Coinbase and Kraken.

Related: Bank of England Governor issues crypto investment warning

The growing concern about cryptocurrency fraud and illegal transactions seems to have arisen after a Chainalysis report revealed that fraudsters received $ 7.8 billion in stolen cryptocurrency from victims in 2021, of which more than $ 2.8 billion was obtained as a result of the fraud. Chainalysis attributed the spread of carpet to “room hype” as well as the lack of code revisions for some DeFi projects.

Source: CoinTelegraph