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HomeBitcoin NewsUK lawmakers form crypto advocacy group for parliament: Report

UK lawmakers form crypto advocacy group for parliament: Report

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UK lawmakers form crypto advocacy group for parliament: Report

Lisa Cameron, a member of parliament for the United Kingdom’s House of Commons, is apparently chairing a lobbying group focused on promoting crypto-related legislation in government.According to a Friday report

from the Financial Times, members of parliament, in addition to members of the House of Lords in the UK, introduced the Crypto and Digital Assets Group to make sure guidelines for the crypto industry in the U.K.”support development “as of last week. The cross-party group intends to protect financiers from monetary criminal activities, consisting of token scams or offerings from managed business. “We are at a crucial time for

the sector as international policymakers are likewise now examining their method to crypto and how it need to be regulated,” stated Cameron.< img src ="https://s3.cointelegraph.com/uploads/2022-01/84c25619-bd86-4680-9b7c-8fb2a1e56693.jpeg"alt title > Palace of Westminster in the evening. Source: Pexels The

nation’s self-regulating trade group for the crypto industry, CryptoUK

, supposedly backed the creation of the advocacy group. According to CryptoUK executive director Ian Taylor, the group intends to spend more than$67,000 in 2022 to support the Crypto and Digital Assets Group, with a concentrate on “education, education, education” around crypto assets.In 2021, the U.K. Financial Conduct Authority released various cautions to retail investors, advising them of the potential danger in dealing with crypto firms not yet registered with the nation’s monetary watchdog. The U.K. Marketing Standards Authority, the nation’s independent advertising regulator, also got rid of advertisements from crypto companies including Coinbase and Kraken.Related: Bank of England governor concerns crypto investment caution The seemingly growing issue over crypto rip-offs and illicit transactions in the U.K. comes as a report fromChainalysis showed scammers received$7.8 billion in crypto

taken from victims over 2021, of which more than$2.8 billion came from carpet pulls. Chainalysis associated the prevalence of carpet pulls to the”hype around the area” in addition to the absence of code audits for certain DeFi projects.Published at Fri, 07 Jan 2022 18:15:00 +0000

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