We are extremely pleased to see that the inaugural report from the Crypto & Digital Assets All-Party Parliamentary Group (APPG) has been issued today. This is balanced, considered and presents a holistic view of the UK’s crypto and digital assets sector.
We have continued to strongly advocate for the need to be working alongside the government in ensuring that the industry has the opportunity to grow within a regulatory framework that allows the development of new technology and does not restrict or stifle innovation. We believe the recommendations from this report will allow for more engagement and cross-governmental dialogue to continue to educate and inform policymakers on the critical issues our members face.
The report is unique for this industry by virtue of the fact that it has taken both the views of cross-party MPs and Lords, and input provided by a broad range of contributors from across the Web3 industry, academia, and regulators into account. We welcome the APPG’s provision of thoughtful and evidence-based conclusions and recommendations.
The report recognises the significant growth of the sector in the UK and the tremendous opportunity it presents for the country’s economy and reputation as a leader in financial innovation. It also emphasises the need for the government and regulators to define a clear, proportionate and bespoke regulatory framework to enable blockchain businesses to operate effectively, foster innovation and protect consumers.
We acknowledge the concerns about the readiness of the current regulatory governance regime, and fully support the work needed to ensure this is robust, fit-for-purpose and enables the industry to realise its full potential whilst operating effectively and safely.
The opportunities and challenges highlighted in the report reflect the aims and positions of CryptoUK as the trade association for the UK’s digital assets sector. We look forward to taking the recommendations and actions forward in partnership with the members of the APPG, representatives of the government and its regulators, and our members and the wider community.
The full report can be accessed here