By Mayowa Adebajo
Published 10 mins ago Updated 10 mins ago

Reports have it that a group of crypto-apologetic U.K lawmakers have teamed up in the United Kingdom (U.K) in what looks like a lobbying group. Led by Lisa Cameron — a member of parliament for the United Kingdom’s House of Commons, the group is reportedly looking to promote legislations, that would seemingly benefit the crypto cause.

U.K Lawmakers Form Crypto Advocacy Group

A Friday report by the Financial Times says that some members of parliament have come together with others from the House of Lords in the U.K, to launch what they dubbed the “Crypto and Digital Assets Group”. The report also claims that the group is aimed at ensuring that regulations for the crypto industry in the U.K will “support innovation”. The inter-party group will also be looking to protect private investors from a range of financial crimes, including scams from regulated firms.

Cameron also shared the reason behind the founding of the advocacy group, saying:

“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.”

Meanwhile the Crypto and Digital Assets Group has now been backed by U.K’s self-regulating trade group for the cryptocurrency industry, CryptoUK.

Speaking about its support for the group, CryptoUK’s executive director Ian Taylor has said yhatthe group have earmarked at least, $67,000 that it will spend in support of the Crypto and Digital Assets Group through 2022. Taylor says the fund will be entirely used in educating concerned stakeholders about crypto assets.

The U.K And Its Endless Crypto Laws

Time and again, the U.K. Financial Conduct Authority FCA issued various warnings to retail investors, advising them of the risks that come with dealing with unregistered crypto firms. The Advertising Standards Authority — U.K’s independent advertising regulatory body, also removed ads from crypto-based firms including Kraken and Coinbase.

But the U.K did not just become so wary of crypto overnight. A recent report by Chainalysis showed that scammers received at least $7.8 billion worth of crypto stolen from victims in 2021 alone, with $2.8 billion coming from rug pulls.

This report has obviously contributed to the growing concern over crypto scams and illegal transactions in the U.K.

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