CRYPTO & DIGITAL ASSETS

NEWS & RESOURCES

Crypto and Digital Assets APPG AGM: Minutes & Income and Expenditure Statement

6 March, 2023

The Crypto and Digital Assets APPG held its AGM on 7th February 2023, where the Chair of the APPG, Lisa Cameron MP, approved arrangements for the APPG including the election of the group's officers and an Income and Expenditure Statement.

Minutes of the AGM can be viewed here

The group's Income and Expenditure Statement can be viewed here

Chair of the Crypto and Digital Assets APPG welcomes the Government announcement to bring forward proposals for the crypto and digital asset industry.

2 February, 2023

Lisa Cameron MP, Chair of the Crypto and Digital Assets APPG, said:

'As Chair of the Crypto and Digital Assets APPG in Westminster, I welcome the Government’s announcement to bring forward robust proposals for regulation of the crypto and digital asset industry.The UK has a strong track record as a leader in financial services and fintech, and there is huge potential for the UK in terms of economic growth, jobs and skills from a well regulated and responsible crypto sector.It is vital that Government ensures that consumer protection remains at the heart of any future regulatory framework for the UK crypto sector. Greater regulatory clarity for consumers and businesses will be key to making the Government’s vision for crypto a reality.I welcome the Government’s commitment to industry engagement in taking these proposals forward. Public and private sector collaboration will be key to ensuring that we develop a regulatory framework that is fit for purpose.I want to see the UK leading the way in crypto regulation and to shape its own regulatory approach to cryptoassets, which attracts inward investment, supports growth in the sector and champions high regulatory standards.'

Chair of the Crypto and Digital Assets APPG Calls on Government for Urgent and Clear Crypto Regulation

17 November, 2022

Lisa Cameron MP, Chair of the Crypto and Digital Assets APPG, said:

“The events surrounding crypto exchange FTX are concerning and highlight the need for urgent and clear regulation of the crypto sector to ensure that consumers are protected and to guarantee the responsible and proper use of customer funds.

I urge Government and regulators to look carefully at what has happened in this particular case and to consider what further regulation is required to help prevent this happening again in the future.

With more and more people using crypto it's more important than ever that we learn the lessons from this case and previous market failures to protect against harm to investors and consumers.

We want to see a responsible and well regulated crypto sector which provides clear rules for operators, sets high standards in terms of consumer protection and promotes good corporate governance across the sector.”

Chair of the Crypto and Digital Assets APPG Calls for Clarity in Terms of UK Crypto Policy

31 October, 2022

Chair of the APPG, Lisa Cameron MP, speaks to the Times welcoming recent industry efforts to address the environmental impact of crypto and calls on Government, regulators and the cryptoasset industry to work together on ongoing sustainability issues.

Lisa Cameron MP, Chair of the Crypto and Digital Asset APPG, said:

“It's clear that some cryptoassets can have a significant environmental impact. It's important that we look at ways that Government, regulators and the cryptoasset industry can work together to move towards a more sustainable industry as Government seeks to make the UK the global home of crypto.

Industry efforts like the recent Ethereum ‘Merge’ are a welcome and positive step in the right direction and I am pleased to see some crypto operators taking proactive steps on sustainability.

Government has said that this is something it will look at as part of a wider review of cryptoasset regulation later this year. It is important that policymakers build a strong evidence base to properly understand the scale and impact of these challenges when making decisions over future regulation of the sector.”

You can read the full article (£) here

Chair of the Crypto and Digital Assets APPG Calls for Clarity in Terms of UK Crypto Policy

26 October, 2022

Lisa Cameron MP, Chair of the Crypto and Digital Assets APPG, said: “Given the level of uncertainty in Westminster over recent months it is vitally important that Government now provides certainty for businesses and the country. As Chancellor, Rishi Sunak set out the Government’s ambition for the UK to become a global hub for crypto investment. UK crypto and digital asset firms desperately need clarity over the UK’s approach to crypto policy and for Government to deliver on its vision for the UK crypto sector.Crypto businesses want regulation which provides regulatory clarity and business certainty. We need a proportionate approach to regulation that balances risk, ensures high levels of consumer protection and that doesn't hamper growth and innovation in the sector.It is important that Government does not take its eye off the ball and delivers on the commitments it has made in terms of crypto policy.”

Lisa Cameron MP: ‘You can’t keep your head in the sand and hope crypto goes away’

21 September, 2022

Chair of the Crypto and Digital Assets APPG speaks to Justin Cash at Financial News about the work of the APPG in Westminster and the importance of crypto regulation in the UK

"Politicians “can’t keep [their} head in the sand and hope it goes away… Millions now have some form of crypto in the UK.”

Lisa said the APPG is an important forum for policymakers and “is about bringing parliamentarians, regulators and industry together to discuss ideas.”She also spoke about the importance of looking overseas at the approaches towards regulation being adopted by other jurisdictions. No system is ever perfect,” she says, arguing the UK needs to take the top regulatory ideas from areas such as the EU and the US to create a “bespoke” regime based on best practice.Lisa also spoke about the “practical, everyday applications” of blockchain technology including the potential for faster payments, less bureaucracy and greater financial inclusion. She is also interested in “how blockchain can support foreign aid to trace exactly where it has gone and how it is being spent to make sure it reaches the most vulnerable. Stopping sanctions evasion and getting funding to regions such as Ukraine are other examples.”

You can read the full Financial News article (£) here

UK Parliamentary Group Announces Crypto Inquiry

4 August, 2022

The All Party Parliamentary Group (APPG) for the UK Crypto and Digital Assets sector has announced an inquiry into the UK’s growing cryptoasset industry.

The inquiry will consider the need for further regulation of the UK crypto sector;

The APPG has called for input from interested stakeholders across the sector;

APPG Chair Lisa Cameron MP says the UK must not take its foot off the gas when it comes to crypto.

Read the full press release here

HM Treasury responds to the joint letter on cryptoasset promotions by Lisa Cameron MP, Chair of the Crypto and Digital Assets APPG, and Adam Afriyie MP, Chair of the Fintech APPG.

28 June, 2022

Government says that “It has been very clear that UK authorities are committed to supporting the growth of the cryptoasset sector in a safe and competitive manner. A marketing ban on cryptoasset financial promotions is not the intended outcome of the legislation or the supporting FCA rules.”

Read the full letter here

Lisa Cameron MP, Chair of the Crypto and Digital Assets APPG, publishes joint letter with Adam Afriyie MP, Chair of the Fintech APPG to John Glen MP, Economic Secretary to The Treasury

15 June, 2022

In this joint letter, the Fintech APPG & Crypto and Digital Assets APPG call for urgent action to protect the UK’s position as a leading financial hub and remove the roadblocks that will prevent the UK becoming a beacon for responsible cryptoasset businesses.
Read the full letter here

Lisa Cameron MP Responds to the Government Announcement on the Plan to Make UK a Global Cryptoasset Technology Hub

06 April, 2022

Chair of the APPG Lisa Cameron MP said: 

“I welcome the Government’s announcement setting out its intentions for the UK to be a global hub for crypto companies.

The UK crypto sector has grown rapidly over recent years and I am pleased that the Government has said it recognises the opportunities and potential of the UK crypto sector which can deliver jobs, talent and economic benefits to the UK.

The UK has a strong track record in financial services and it's important that we maintain high standards of consumer protection and regulatory compliance for the crypto and digital asset sector. We must also be careful that we do not hinder growth and innovation in this area and send a clear message that the UK is open for business when it comes to crypto.

The Government must now deliver on its commitment through action. This is a crucial time for the sector and we must act quickly or the UK risks being left behind.”

Lisa Cameron Responds to the FCA Announcement that the Temporary Registration Regime is to be Extended for Cryptoasset Businesses and Comments on how it Lacks Clarity

30 March, 2022

Chair of the APPG Lisa Cameron MP says FCA’s approach to registration of UK crypto firms is costing the UK jobs, talent and revenue.

“We have heard numerous reports of UK firms experiencing significant delays from the FCA in relation to their applications as well as poor communication and a lack of clarity from the regulator throughout this process.The UK crypto sector overwhelmingly supports regulation and we have seen firms applying to the FCA for registration precisely because they want to be compliant and want to continue to operate in the UK.The lack of clarity from the FCA has presented huge challenges to firms in terms of business certainty and we are still awaiting an update from the FCA and Government in terms of what will happen after the end of March deadline.We are now hearing of firms actively leaving the UK as a direct result of the FCA’s approach which will cost the UK in terms of jobs, talent, and revenue.”

Lisa Cameron Responds to the HMRC Updated Guidance of DeFi Staking and Lending Chargeable Gains

09 February, 2022

Lisa Cameron MP, Chair of the Crypto and Digital Assets APPG said: 

“It's crucially important that we have a consistent approach in the UK when it comes to cryptoassets, including both the regulatory and tax treatment of this emerging market.

The Government has said that it wants the UK to be an attractive destination for innovation and investment particularly when it comes to financial services.

To achieve that we need to have a clear regulatory framework aligned with tax treatments for cryptoassets in the UK which provides clarity for both businesses and consumers.

We have some excellent examples of innovative crypto businesses here in the UK, not just in London, but across the country, employing hundreds of people in highly skilled roles, and we don't want to run the risk of losing these businesses to other overseas markets.

We need a clear and consistent approach to crypto policies from all parts of Government and regulators need to work with the crypto sector when developing policies and guidance such as this.”

Lisa Cameron Responds to the Treasury Select Committee Report on Fraud, Scams and Economic Crime

03 February, 2022

Lisa Cameron MP, Chair of the Crypto and Digital Assets APPG said: 

“I welcome today’s report and its recommendations to protect consumers from fraud and scams. There can be no place for bad actors in the UK cryptoasset sector. We want to see a thriving, well regulated industry that enables the highest standards of consumer protection, and confidence for consumers that they are dealing with regulated firms. The report has highlighted delays in the registration of UK cryptoasset firms by the Financial Conduct Authority (FCA), and a number of firms are still awaiting registration.  I’d like to see the FCA accelerate this as a priority so that we provide regulatory clarity, both for businesses themselves and for consumers.We need to see a balanced and proportionate approach to regulation of cryptoassets in the UK, that protects consumers without stifling innovation.”

Lisa Cameron Responds to Government Announcement on Cryptoasset Promotions

18th January, 2022

Lisa Cameron MP, Chair of the Crypto and Digital Assets APPG said: 

“I welcome the Government’s announcement on plans to regulate the promotion of cryptoassets in the UK. Interest in crypto has grown over recent years especially since the pandemic as more of us have embraced digital technology. 

We can't put crypto back in its box. Consumers are already embracing this sort of technology and are in many ways way ahead of the curve. 

Whilst adoption of crypto has increased, overall understanding of cryptocurrency has declined. Consumer protection needs to be a key priority to make sure that consumers understand the potential risks. We need clear rules and guidance for the promotion of crypto and digital assets so that consumers are protected and so that crypto firms know what they can and can't do and don't fall foul of the rules.

We want to see a robust, and well regulated crypto sector in the UK that champions high standards in terms of consumer protection whilst harnessing the potential opportunities in the crypto and digital assets sector.”

You can view the exclusive FT article covering the launch of the Crypto & Digital Assets APPG here.