U.K. undertakes crypto review

A group of policy-makers in the U.K. is launching a review of the crypto sector, with a view to assessing the need for increased regulation.

The group, which includes parliamentary representatives from all parties, announced an inquiry into the cryptoasset sector that will examine a range of policy issues, including the U.K.’s current approach to regulation, the government’s plans to make the U.K. the world leader in crypto investment, and the potential for central bank digital currencies, among other things.

“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,” said Lisa Cameron, MP and chairwoman of the group, in a release. “We are at a crucial time for the sector as global policy-makers are also now reviewing their approach to crypto and how it should be regulated.”

The group will hold public hearings in the coming months, and seeks written submissions by Sept. 5.

It plans to produce a report that will make policy recommendations to the government.

Industry trade group CryptoUK welcomed the review.

“The U.K. crypto sector recognizes the importance of a well-regulated industry in the U.K. and supports regulation which provides business certainty and encourages a healthy and robust market,” said Ian Taylor, executive director of CryptoUK. “We want to see a proportionate approach to regulation that balances the need for consumer protection with the need to support innovation and growth.”

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.