CRYPTO & DIGITAL ASSETS
All-Party Parliamentary Group
WHAT IS THE APPG?
- The Crypto and Digital Assets All Party Parliamentary Group (APPG) provides a forum for parliamentarians, regulators, Government and industry to discuss the challenges and opportunities relating to the crypto sector and to explore the need for future regulation of the sector.
- This is an important time for the UK crypto sector as interest in crypto and digital assets has increased over recent years and continues to grow.
- According to the Financial Conduct Authority (FCA), 3 million UK adults now own some form of cryptocurrency. Governments and regulators around the world are now looking at their own approaches to crypto regulation. The APPG will help to bring together industry stakeholders and policymakers in order to understand the regulatory challenges and what more can be done from a policy perspective.
- The group will act as a forum for discussion and debate on the key issues affecting the crypto sector and the need for future regulation, specifically:
- what a suitable regulatory framework for the sector might look like, exploring what approaches other countries have adopted around the world in terms of regulating crypto.
- Looking at the work of the UK Government and of UK regulators in terms of its own crypto policy so far.
- explore a range of other issues relating to the crypto sector including economic crime, protecting customers from fraud and scams, advertising, financial education and inclusion, international trade, the UK’s role as a leader in financial services and innovation, environmental issues and climate change, and the future of digital payments.
Chair
The group is chaired by Lisa Cameron MP, Scottish National Party (SNP) MP for East Kilbride, Strathaven and Lesmahagow.
Secretariat
CryptoUK, an independent trade body which represents the UK Crypto and Digital Assets sector, provides the secretariat for the APPG. CryptoUK aims to work constructively with Parliamentarians, Government, Regulators and the wider sector to advance the UK’s approach to regulation of the crypto and digital assets sector.
APPG Register Entry
You can read the group’s full entry in the Houses of Parliament’s Register of All-Party Parliamentary Groups .
THE CHAIR & MEMBERS OF THE CRYPTO AND DIGITAL ASSETS APPG
The Crypto and Digital Assets APPG is made up of cross party MPs and Lords who bring broad experience and expertise from a range of sectors including financial services, foreign affairs, digital innovation, women and equalities, international trade, and economic crime.
MEET THE CHAIR
Dr Lisa Cameron is the Conservative MP for East Kilbride, Strathaven and Lesmahagow. She is also Chair of the Foreign Affairs APPG and Vice Chair of the Financial Education for Young People and Metaverse and Web 3 APPGs. She has also served on Entrepreneurship, and Fair Business Banking APPGs.
MEET THE OFFICERS
Vice Chairs
- Lord Taylor of Warwick
Lord Taylor is a non affiliated member of the House of Lords. He is Vice Chair of the Digital Identity, Financial Technology, and Video Games and Esports APPGs.
- Alexander Stafford MP
Alexander is the Conservative MP for Rother Valley. He currently serves on the Business, Energy and Industrial Strategy Select Committee. He is a Chair of the All Party Parliamentary Group on Algeria and Vice Chair of the Fair Business Banking APPG.
- Antony Higginbotham MP
Antony Higginbotham is the Conservative MP for Burnley. He currently serves on the National Security Bill Committee and is also Vice Chair of the All Party Groups for Canada, Australia and New Zealand.
Officers
- Baroness Neville-Jones
Baroness Neville-Jones is a Conservative Member of the House of Lords. She is a former Minister for Security and Counter Terrorism and also served as Chairman of the Joint Intelligence Committee. She sits on the Joint Committee for the National Security Strategy and is also a member of the Science and Technology Committee.
- Baroness Verma
Baroness Verma is a Conservative member of the House of Lords. She has served as a member of the Lords Committee on the European Union and is former minister for Energy and Climate Change as well as former spokesperson for Cabinet Office, International Development, Women and Equalities and Business Innovation and Skills.
- Lord Cromwell
Lord Cromwell is a crossbench member of the House of Lords. He is a member of the House of Lords Industry and Regulators Committee and the Audit and Risk Committee. He is Vice Chair of the Fair Business Banking, Internet, Communications and Technology, and Open Banking and Payments APPGs and has also served on the Entrepreneurship APPG.
- Lord Haskel
Lord Haskel is a Labour member of the House of Lords. He is Deputy Speaker of the House of Lords and was also a member of the Lords Economic Affairs Committee, Financial Exclusion Committee, Digital Skills Committee, and the Science and Technology Committee.
- Lord Vaizey of Didcot
Lord Vaizey is a Conservative member of the House of Lords. He was a former Conservative MP and former minister for DCMS and Business. He has served on the Lords’ Communications and Digital Committee and the Environmental Audit Committee and is Vice Chair of the Video Games and Esports APPG.
- Alun Cairns MP
Alun Cairns is the Conservative MP for Vale of Glamorgan. He was previously Secretary of State for Wales and has served as Vice-Chair of the All-Party Parliamentary Group on Financial Markets and Services; and Cyber Security.
- Bill Wiggin MP
Bill Wiggin MP is the Conservative MP for North Herefordshire. He was previously Assistant Whip in HM Treasury and served as Shadow Secretary of State for Wales and Shadow Minister for the Environment.
- Marcus Fysh MP
Mr Marcus Fysh is the Conservative MP for Yeovil. He has served as Minister for Exports in the Department for International Trade and also served as chair of the All-Party Parliamentary Groups on Education and Digital ID and is chair of the APPG for Central Bank Digital Currencies.
- Philip Davies MP
Philip Davies is the Conservative MP for Shipley. He has served on the Digital, Culture, Media and Sport Committee; Women and Equalities Committee; Justice Committee and also the Digital, Culture, Media and Sport Sub-committee on Online Harms.
- Simon Fell MP
Simon is the Conservative MP for Barrow and Furness. He is a member of the Home Affairs Select Committee and is Chair of the All Party Parliamentary Group on Cyber Security.
APPG ADVISORY BOARD
These CryptoUK members form the APPG Advisory Board with whom we share advice and guidance for the creation and development of the APPG.
Andersen
APPG Advisory Board Member , Corporate Member ,
B2C2
APPG Advisory Board Member , Community Member ,
CCData
APPG Advisory Board Member ,
Circle
APPG Advisory Board Member , Executive Member ,
CMS
APPG Advisory Board Member , Institutional Member ,
Coinbase
APPG Advisory Board Member , Executive Member ,
Elliptic
APPG Advisory Board Member , Corporate Member ,
Simmons & Simmons
APPG Advisory Board Member , Executive Member ,
EVENTS
APPG Site visit to BCB Group
On Thursday 16th June, BCB hosted a site visit for officers of the Group. You can view a summary of the visit here.
Inaugural APPG Round Table - 24th May 2022
Following the inaugural Round Table of the APPG with the Chair and representatives from the APPG Advisory Board, the minutes of the meeting are available to view here.
If you would like to get in touch with CryptoUK, the secretariat of the APPG Group, please email appg@cryptouk.io
NEWS & RESOURCES
- Natalie Hall
- 06/11/2021
- Natalie Hall
- 06/11/2021
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CRYPTOCURRENCY AND DIGITAL ASSET INQUIRY 2022
ABOUT THE INQUIRY
In August 2022 the Crypto and Digital Assets All Party Parliamentary Group (APPG) announced an inquiry into the UK Cryptocurrency and Digital Assets sector following the UK Government’s announcement of its landmark vision to make the UK the global hub for cryptocurrency investment.
The APPG issued a Call for Evidence inviting views from across the sector including from operators, regulators, industry experts, and the general public on the need for regulation of the sector.
The inquiry invited written submissions from all interested parties and held a number of evidence sessions in which we heard from industry experts on the fundamental considerations that will need to be made over the coming years in order for the Government to achieve its vision for cryptocurrency and digital assets.
INQUIRY FINDINGS AND FULL REPORT
The APPG published the findings of this inquiry in its report - ‘Realising Government’s Vision for the UK to Become a Global Hub for Cryptocurrency & Fintech Innovation’ on Monday 5th June 2023.
This report sets out the primary issues and considerations for policymakers when developing future regulation for the cryptocurrency and digital asset industry in the UK, based on the contents of all written submissions received by the inquiry and the views put forward in oral evidence sessions.
The report makes a total of 53 recommendations to Government on a number of key areas including the UK’s approach to regulation of cryptocurrency; the role and current approach of UK regulators including the Bank of England, the FCA and the ASA; the potential offered by Central Bank Digital Currencies - ‘a Digital Pound’; and risks faced in terms of Consumer Protection and Economic Crime.
The recommendations set out in this report are intended to establish a foundation for further discussion and debate regarding the future of cryptocurrency and digital asset regulation in the UK and to help inform policymakers.
Announcing the launch of the report, Chair of the Crypto and Digital Assets APPG (APPG), Dr Lisa Cameron MP, said:
“As chair of the Crypto and Digital Assets All Party Parliamentary Group in Parliament, I am delighted to present the group's inaugural report considering the potential opportunities and challenges of realising the Government’s vision for the UK to become a global hub for Cryptocurrency and Digital Assets.
Following the Government's announcement of its vision for the UK to become a global hub for cryptocurrency, the APPG launched our Inquiry to help identify the issues that policymakers will need to consider moving forward.
I am grateful to everyone who has contributed to our initial APPG Inquiry: to industry, the world of regulation and the banking sector; they have shared their views and expertise which has helped to inform this report and have informed our recommendations to Government.
Given the rapid growth of cryptocurrency and digital assets, the timing of this report is vital to protect consumers whilst ensuring the UK’s leadership in this sector can be realised.”
You can download the full report here
You can download the summary report here
A NOTE ON THE INQUIRY
The APPG Inquiry sought views on 5 key areas of interest:
- The UK as a global home of cryptocurrency and digital asset investment:
- The potential opportunities and risks associated with cryptocurrency and digital assets in the UK;
- The UK’s current approach to regulation of cryptocurrency and digital assets:
- The current state of regulation in the UK of cryptocurrency and digital assets;
- Whether the UK’s current approach is aligned to the Government’s stated ambition for the UK to be a global hub for cryptocurrency and digital asset investment?
- What is required to fulfil this ambition?
- The role and current approach of UK regulators including the Bank of England, the FCA and the ASA in relation to cryptocurrency and digital assets:
- Views on the current approach by UK regulators, specifically the Financial Conduct Authority, the Bank of England, and the Advertising Standards Authority.
- Central Bank Digital Currencies:
- Views on what any UK CBDC should look like;
- Views on the potential use case for a UK CBDC;
- Views on the opportunities and risks associated with a UK CBDC.
- Consumer Protection and Economic Crime:
- Views on the potential risks posed to consumers by cryptocurrency and digital assets;
- Views on whether current protections in place are sufficient and any further action that may be required in this regard;
- The level of economic crime in relation to cryptocurrency and digital assets and the effectiveness of current controls in place to combat any potential risks.
The inquiry received written submissions from 49 organisations and individuals on a range of issues relating to crypto and digital assets regulation, specifically:
Aave
Association for Financial Markets in Europe (AFME)
Argent
Arqit
The Advertising Standards Authority (ASA)
Association of Accounting Technicians (AAT)
Binance
Circle
City of London Corporation
CoinBase
CoinFlip
Consensys
CryptoUK
Currency.com
Digital Currencies Governance Group
Digital Economy Institute
Digital FMI Consortium
Digital Issuance Working Group
Digital Pound Foundation
DigiVault
Elliptic
Electronic Money Association (EMA)
Fari Solutions
FIS Global
Gemini
Imperial College Business School
Kineses Money
LawBeam
Lithex
LMAX Group
Lukka
Luno
Mastercard
Onfido
Pavia Corp
Payments Association
Paysafe
PoundToken
Preyer GmbH
Ripple
RUSI
Socios
Sorare
Wirex
Zumo
The APPG also received submissions from:
Stephen Underwood
Andrei Lipkin
Nikola Tchouparov
The inquiry subsequently held 6 public oral evidence sessions in Parliament in which the APPG heard from 18 industry experts including crypto operators themselves; industry trade bodies; UK regulatory bodies; and leading experts in the field, specifically:
Ian Taylor, CryptoUK;
Vitaliy Kedyk, Head of Strategy, Currency.com;
Susan Friedman, Head of Policy, Ripple;
Faryar Shirzad, Chief Policy Officer, CoinBase;
Professor Deeph Chana, Co-Director of Institute for Security Science & Technology, Imperial College Business School;
Dion Seymour, Crypto and Digital Asset Technical Director, Anderson;
George Morris, Partner, Simmons & Simmons;
Professor Sarah Green, Commissioner for Commercial and Common Law, Law Commission;
Adam Jackson, Director of Policy, Innovate Finance;
Teana Baker-Taylor, Vice President of Policy and Regulatory Strategy, Circle;
Anatole Baboukhian, Senior Manager - Public Policy, FIS Global;
Gordon Mead, Head of Regulatory Policy, City of London Corporation;
Toby Norfolk-Thompson, Director and Chair of Advisory Council, Digital Economy Institute;
David Carlisle, Vice President of Policy and Regulatory Affairs, Elliptic;
Jordan Wain, UK Policy Lead, Chainalysis;
Kathryn Westmore, Senior Research Fellow, Royal United Services Institute (RUSI);
Guy Parker, Chief Executive, Advertising Standards Authority (ASA);
Nick Davey, Payments Specialist, Payment Systems Regulator (PSR).
In total the APPG heard from 67 organisations and individuals through both official written submissions and oral evidence.
This report sets out the primary issues and considerations for policymakers when developing future regulation for the crypto and digital asset industry in the UK, based on the contents of all written submissions received by the inquiry and the views put forward in oral evidence sessions.
The report has been compiled by Lisa Cameron MP as Chair of the APPG and her team, as well as from input and views provided by other elected officers of the APPG and has been supported by CryptoUK in its role as secretariat for the APPG.
The APPG would like to thank everyone who took the time to provide their views in writing and who provided oral testimony to the inquiry for their contributions and for helping to inform this report.
CONTACT US
Secretariat
If you are interested in learning more about the APPG or in supporting our work please contact the Secretariat via the form below or email appg@cryptouk.io
Follow us on Twitter
@CryptoAPPG
Chair of the APPG
You can contact the Chair of the APPG, Lisa Cameron MP, about the work of the group at lisa.cameron.mp@parliament.uk
Postal Address
Lisa Cameron MP
House of Commons
London
SW1A 0AA
APPG Disclaimer:
This is not an official website [or feed] of the House of Commons or the House of Lords. It has not been approved by either House or its committees. All-Party Parliamentary Groups are informal groups of Members of both Houses with a common interest in particular issues. The views expressed in these webpages are those of the group