A group of British lawmakers has reportedly set up a cryptocurrency advocacy group with the aim of regulating regulations and protecting investors.

British legislature creates crypto advocacy group

A Financial Times report on Friday said some MPs joined forces with others in the UK House of Commons to create what is known as the Digital Assets and Cryptocurrency Group.

Led by Lisa Cameron, a Member of Parliament in the UK’s lower house, the group is said to be pushing for legislation that is likely to benefit cryptocurrencies.

The report also said the group wants to ensure that regulations governing the UK’s crypto industry “support innovation” and protect private investors from a range of criminal offenses, including financial crimes, including fraud by regulated companies.

Cameron also shared the reasons for forming the advocacy group, saying:

“We are at a critical juncture for the sector as global policymakers are now also thinking about their approach to crypto and how it should be regulated.”

The crypto and digital asset group is now supported by the UK self-regulatory trading group for the crypto industry, CryptoUK.

Regarding his support for the team, Ian Taylor, Chief Executive Officer of CryptoUK said the team has set aside at least $ 67,000 that it will spend by 2020 in support of the Cryptocurrency and Digital Assets team for educational purposes only used by stakeholders through crypto assets.

The advocacy group for cryptocurrencies emerged amid the surge in crypto fraud in the UK

The UK’s financial regulator, the FCA, has issued various warnings to retail investors, warning them of the risks associated with dealing with unregistered crypto companies. The Advertising Standards Authority, the UK’s independent advertising regulator, has also removed ads from crypto-based companies like Kraken and Coinbase.

Even so, interest and lack of vigilance continue to grow as many private investors have been scammed.

According to CyberCrew.uk magazine, around 1.5 million people in the UK owned some cryptocurrency in 2018, but that number climbs to 9.8 million in February 2021. Year is a strong indicator of the high rate of crypto adoption in the UK. In addition, Bitcoin will account for 60% of the cryptocurrency market share in this country in 2021.

A recent report by Chainalysis found that fraudsters received at least $ 7.8 billion in stolen cryptocurrencies from victims in 2021 alone, of which $ 2.8 billion came from carpet-drawing.

This report has clearly contributed to growing concerns about crypto fraud and illegal transactions in the UK.

Hence, the birth of the current UK crypto advocacy group not only shows an interest in cryptocurrencies but also helps regulate regulation in this industry to protect investors from unnecessary risks.

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