Press Release: UK Parliament Relaunches Crypto and Digital Assets Group to Help Shape UK’s Regulatory Future
A cross-party group of MPs and Lords has been relaunched in the UK Parliament to help shape the UK’s approach to the regulation of its crypto and digital assets sector.
Key Takeaways:
- MPs and Lords have launched a new group to scrutinise the UK’s approach to crypto and digital assets as the Government plans to introduce legislation for cryptoassets by the end of this year.
- The cross-party group is jointly chaired by Labour MP Gurinder Josan and former Conservative Minister for the Digital Economy Lord Vaizey of Didcot.
- The group will scrutinise the UK Government’s plans to establish the UK as a global leader in digital asset technologies whilst keeping consumers safe from harm.
The UK Parliament has relaunched the All-Party Parliamentary Group (APPG) for Crypto and Digital Assets, which is jointly chaired by Labour MP Gurinder Josan CBE and Conservative Member of the House of Lords, Lord Vaizey of Didcot, who is the UK’s former Government Minister for the Digital Economy.
The group, which is made up of parliamentarians from across the political spectrum with expertise in financial services, technology, and digital innovation, aims to scrutinise the UK’s approach to crypto and digital asset regulation and make recommendations to the Government on its future regulatory framework. The group is supported by CryptoUK, the UK’s leading industry trade body for the crypto and digital asset sector, who serve as the group’s secretariat.
The group’s relaunch comes as other jurisdictions around the world are rapidly advancing their own regulatory roadmaps for crypto and digital assets, and as the UK’s Chancellor Rachel Reeves published her own draft legislation to regulate digital assets in April this year.
The UK government has said that it remains committed to making the UK a global hub for digital asset technologies and intends to bring forward legislation delivering a comprehensive national regulatory framework for cryptoassets by the end of this year. However, there remain concerns that the UK has not kept pace with other jurisdictions and risks falling behind its global counterparts.
The newly launched APPG will provide an important forum for parliamentarians, policymakers and industry to better understand the sector and explore the potential opportunities and risks posed by the growth of crypto and digital assets. In particular, it will explore how the UK can support innovation and investment while ensuring strong protections for consumers and effective measures to tackle fraud, scams and economic crime. It will also consider how best to address pressing industry challenges such as access to banking services and regulatory authorisation delays.
The APPG will work closely with industry leaders and global regulators to help shape the UK’s approach to crypto regulation. The group’s new Co-Chairs recently met with UK industry leaders at a Parliamentary ‘Crypto Summit’ in May, and last week Gurinder Josan MP travelled to Washington DC to hear firsthand how the US is approaching digital asset regulation.
The relaunched APPG, which was the leading cross-party forum in Westminster for digital assets in the last Parliament before the General Election, regularly hosted discussions with industry CEOs, global regulators, and experts. It published a landmark inquiry report in 2023 and made wide-ranging recommendations to the government on how to safely grow the sector in the UK.
The relaunch comes as UK adoption of digital assets continues to grow, with FCA research showing 12% of UK adults held crypto in 2024, up from 4% in 2021. Yet despite this growth, the UK still lacks a clear, fully operational regulatory regime. The new APPG will explore how best to close this gap.
Gurinder Josan CBE MP, Chair of the APPG, said: “Crypto and digital assets are now part of the financial lives of millions of people in the UK, and the sector is growing fast. As Chair, I want this group to explore how we can support responsible growth and innovation while ensuring consumers are protected from harm. Our goal is to make the UK the safest place for consumers and the best place for businesses to invest and build. That means establishing robust, fair and future-focused rules.”
Lord Vaizey of Didcot, Co-Chair of the APPG, said: “This is a fast-evolving sector that presents major opportunities for growth, investment and innovation. Other countries are racing ahead to shape their own crypto regulation, and we cannot afford to fall behind. The UK must set out a clear vision and regulatory roadmap that encourages investment and gives firms confidence to scale here. We also need to tackle key barriers like slow registration processes and access to banking services for digital assets firms.”
Su Carpenter, Executive Director of CryptoUK, said: “We welcome the relaunch of this important group at a critical time for the sector. Clear, proportionate and well-implemented regulation is essential if the UK is to compete globally, support innovation, and protect consumers. We look forward to continuing to work with parliamentarians, regulators and government to ensure the UK remains an attractive destination for digital asset businesses.”
Media Enquiries:
For further information or to be added to the APPG mailing list for updates on its work, please contact the APPG Secretariat at appg@cryptouk.io
About the APPG for Crypto and Digital Assets:
The APPG is a cross-party group of UK parliamentarians dedicated to exploring the UK’s approach to crypto and digital asset regulation. It provides a forum for dialogue between policymakers, industry leaders, and subject-matter experts, with the aim of developing practical policy recommendations that support innovation and consumer protection.
Details of the group are published on the APPG webpage at www.cryptouk.io/appg
About CryptoUK:
CryptoUK is the UK’s independent trade association for the digital asset industry, representing over 100 leading crypto businesses. As the secretariat of the APPG, CryptoUK plays a key role in supporting informed debate on the future of the UK’s digital asset economy.
