To dominate the cryptocurrency industry, the UK government should appoint a “Crypto Tsar” to spearhead regulation, according to a group of MPs. The current government has been very open about its ambition to make the country a global crypto hub. Will anyone listen to the newest proposals?
In a bid to solidify its position in the rapidly evolving cryptocurrency landscape, it may be time for the UK to tap a “Crypto Tsar” to drive regulatory initiatives and ensure compliance. At least that is the view of MPs acting under the rubric of the All-Party Parliamentary Group on Crypto and Digital Assets (APPG). The group’s report, published on Monday, outlines its rationale and goals in detail.
UK Crypto Tsar Would Push for Unity
The Crypto Tsar would not just oversee cryptocurrencies. Agencies need to work together. The new official will drive collaboration across all departments and agencies with a role in all digital assets and applications of blockchain technology.
The APPG report urges that the UK must act swiftly in the next 12 to 18 months or risk falling behind other nations. The MPs also commend the government’s collaborative efforts with the Bank of England to explore the potential of a digital pound, aligning with the growing acceptance of digital payments among consumers.
However, the report recognizes that the introduction of a digital pound will require significant public trust and support. The government must prioritize education and awareness to ensure its success.
All-Party Parliamentary groups are voluntary associations of parliamentarians. They can specialize in complex topics, receive funding, publish reports, and invite experts to give evidence. But they are not members of the government and cannot write legislation.
The group has also made recommendations to help the UK government to become a global hub for cryptocurrency and digital asset investment. Officials should foster favorable conditions for inward investment, support existing businesses, and explore regional growth opportunities.
Additionally, efforts are in order to lure and cultivate talent in emerging technologies, improve access to financial services, monitor risks, stay up to date with technological advances, and consider utilizing blockchain technology for overseas financial aid.
Can the UK Be the Top Crypto Hub?
On regulation, the group also has a long list of proposals for how the UK government should engage. Such as making it easier for digital asset businesses to enter the UK. And ensuring all related regulators have specialized units to deal with the sector.
The report is the latest step in the UK’s quest to become a mecca for digital assets and crypto. The current prime minister, Rishi Sunak, endorsed crypto when he was finance minister under Boris Johnson. During his own premiership, he has sought to make the UK a global crypto hub.
However, the efforts have not been consistent. In some respects, the country has been pulling in different directions.
One of the latest additions to the UK’s Financial Conduct Authority (FCA) has a decidedly anti-crypto disposition. Last December, Ashley Alder, the organization’s new chair, called the industry “deliberately evasive” with regulators. Yet in conversations with BeInCrypto, members of the UK crypto industry have been broadly pleased with the government’s work so far.
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