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.”