Chair of the Crypto and Digital Assets APPG, welcomes the EU’s Markets in Cryptoassets (MiCA) regulation and calls on Government to keep pace with international crypto regulation
In a statement, Lisa Cameron MP said:
‘Recent high profile events like the collapse of crypto exchange FTX have accelerated the global drive for crypto regulation.The approval of the EU’s Markets in Cryptoassets (MiCA) regulation is a significant positive step towards providing much needed regulatory clarity in relation to crypto and digital assets both for businesses and consumers, and paves the way for investment and innovation in the sector, as well as potentially increasing institutional confidence in the banking sector and others when it comes to dealing with crypto.The UK Government has set out its own vision for the UK to be a global hub for crypto and is moving forward with steps to bring forward its own regulations through the Government’s Financial Services and Markets Bill and the UK Treasury’s ongoing consultation on regulation of the wider crypto and digital asset sector.The UK should carefully consider the steps being taken in the EU and elsewhere to regulate the crypto industry, which can provide a useful blueprint for the UK’s own approach to regulation.The UK is well placed to build on its existing strengths as a global leader in financial services and fintech, and has a real opportunity post Brexit to establish its own unique approach for regulation of the crypto sector. The UK Government should ensure it moves at pace to provide regulatory clarity for businesses and consumers and not be left behind other countries.’
