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British committee investigating the country’s approach to crypto

The UK’s Crypto and Digital Assets All Party Parliamentary Group (APPG) has announced the details of an investigation into the UK’s cryptocurrency and digital assets industry.

The inquiry will “examine a number of key areas, including the UK’s current approach to regulating crypto and digital assets and the government’s plans to make the UK the global home of crypto investing,” according to an announcement.

In addition, the APPG will also look at the role of regulators in the UK, such as the Bank of England and the Financial Conduct Authority (FCA); the potential of central bank digital currencies (CBDCs); and potential consumer protection and white-collar crime risks, the announcement said.

“The UK crypto sector has seen increased interest from consumers and regulators as the number of people now owning some form of cryptocurrency or digital assets has increased in recent years,” said Lisa Cameron, the MP who chairs the group , in the announcement. “We are at a pivotal time for the sector as global policymakers are now also reassessing their approach to crypto and how it should be regulated.”

APPG said in the announcement it also wanted to hear from experts in the crypto community and had given them until September 5 to submit comments.

The announcement comes three weeks after the UK Parliament’s Finance Committee announced its own inquiry into the role of cryptocurrencies in the UK

Continue reading: The UK Parliament launches an inquiry into crypto

The committee said its investigation is examining the “opportunities and risks that crypto assets may pose to consumers, businesses and the government (and related entities)” along with the “potential impact of distributed ledger technology on financial institutions, including the central bank”. and financial infrastructure.”

In addition, the committee wants to hear from the public about non-fungible tokens (NFTs) and their potential risks and opportunities for both the public and private sectors, and it also wants to get feedback on how government processes – like the tax system – can adjusted as the cryptocurrency gains popularity.

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