UK Committee to Probe Country’s Approach to Crypto

The United Kingdom’s Crypto and Digital Assets All Party Parliamentary Group (APPG) has unveiled the details of an inquiry into the British cryptocurrency and digital assets industry.

The investigation will examine “a range of key areas, including the U.K.’s current approach to regulation of crypto and digital assets and the government’s plans to make the U.K. the global home of crypto investment,” according to an announcement.

In addition, the APPG will also look at the role of regulators in the U.K., such as the Bank of England and the Financial Conduct Authority (FCA); the potential of central bank digital currencies (CBDCs); and possible consumer protection and economic crime risks, the announcement stated.

“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, the MP who chairs the group, in the announcement. “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 APPG said in the announcement it also wants to hear from experts in the crypto community and has given them a deadline of Sept. 5 to submit comments.

The announcement comes three weeks after the U.K. Parliament’s Treasury Committee announced its own inquiry into the role cryptocurrencies play in the U.K.

Read more: UK Parliament Launches Inquiry Into Crypto

The committee said its probe examines the “opportunities and risks that crypto-assets may bring to consumers, businesses and the government (and associated bodies),” 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 on non-fungible tokens (NFTs) and their potential risks and rewards for both the public and private sector, and it would also like feedback on ways government processes — such as the tax system — can be adapted if cryptocurrency gains in popularity.