As the European Union was busy passing landmark policy to bring crypto markets under government regulation, some lawmakers in the United Kingdom are ramping up demands for urgent action.
When the EU moved forward with its Markets in Crypto Assets (MiCA) regulation, the UK only fell further behind, putting the country at risk of missing out on innovation and jeopardizing its chance at becoming a global leader in the space.
“With the adoption of MiCA, the EU has solidified its position as a regulatory leader for years to come,” local crypto advocacy group Crypto UK said in April.
Some UK leaders are trying to start the conversation around digital asset regulation with the hopes of getting bills drafted and passed within the next two years.
The UK’s All Party Parliamentary Group for Crypto and Digital Assets released a report Monday calling for a crypto legislative package to pass immediately. The multiparty group is chaired by Scottish National Party member Lisa Cameron.
Monday’s report sets a deadline of 2025 for crypto regulation in the UK and advocates for a “crypto tsar,” who will be responsible for coordinating efforts across regulatory groups.
The Scottish National Party has historically been on the forefront of crypto asset regulation advocacy, first suggesting a type of central bank digital currency in 2015. Cameron herself is a self-titled crypto advocate, she said earlier this month, and has been more urgently trying to get policy through since the 2022 crypto market crash.
The crypto and digital asset parliamentary group was established in January 2022 with the mission to support innovation while protecting consumers, CryptoUK said.
Cameron and her fellow group members are not the only UK regulators considering crypto policy.
In an April speech, Financial Conduct Authority executive director of markets Sarah Pritchard noted that even the recent chaos in crypto markets has not stopped investors from engaging with the asset class, so lawmakers need to act swiftly.
“Despite the recent crypto winter, where massive losses were sustained, the take up of crypto is on the rise year-on-year,” Pritchard said. “With more consumers and investors piling in, the risks also grow exponentially in our interconnected systems. That is why things have to change.”
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