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British MPs set up lobbying group for crypto regulation

 


The crypto lobby group wants to stand up in British politics for the interests of the industry as well as for investors.


The British MP Lisa Cameron is chairing a new lobby group that wants to campaign for innovation-friendly crypto regulation in Great Britain.


According to a report in the Financial Times on Friday , members of both the House of Commons and the House of Lords are represented in the lobby group. The stated goal of the Crypto and Digital Assets Group is to enforce crypto regulation in parliament that "promotes innovation". The non-partisan group does not want to neglect investor protection, but rather to ensure that investors are increasingly protected against financial crime and fraudulent crypto projects.


"The industry is at a crucial point because politicians, authorities and governments around the world are currently examining how they should design their dealings with crypto," said Cameron about the importance of her lobbying work.


The self-regulating crypto trading association CryptoUK is said to have been involved in the establishment of the lobby group and supports its work. The association wants to provide over 67,000 US dollars for the Crypto and Digital Assets Group, with the focus on "education, training, education" with regard to crypto currencies.


This type of educational work and political influence could be sorely needed for the crypto industry in Great Britain, because the British financial regulator FCA has recently issued several warnings to private investors about the risks involved in trading cryptocurrencies. The British advertising regulator has also obliged large crypto companies such as Coinbase and Kraken to withdraw certain advertising content.



However, concerns about criminal and fraudulent use of cryptocurrencies are well justified because, as the data from Chainalysis shows, fraudsters stole more than 7.8 billion US dollars in crypto assets from investors in 2021. Only 2.8 billion US dollars were stolen from so-called rug pulls. Chainalysis sees the high success rate of this form of fraud as being due to the “great hype about the industry”, and DeFi projects in particular are not explicitly examined.

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