The Crypto and Digital Assets All Party Parliamentary Group (APPG), led by Scottish National Party member of Parliament (MP) Lisa Cameron, has urged the British government to clarify its promises to the cryptocurrency industry.
The request follows the recent selection of Rishi Sunak as the next prime minister of the United Kingdom. Sunak stated during his tenure as finance minister that he wanted to transform the United Kingdom into a “crypto hub,” but he has not commented on the topic since.
On Tuesday, the British House of Commons voted to recognise crypto assets as regulated financial instruments and products.
In a written statement on Tuesday, Cameron stated that “U.K. crypto and digital asset firms desperately need clarity over the U.K.’s approach to crypto policy and for the government to deliver on its vision for the U.K. crypto sector.”
The representative stated that crypto firms desire regulation that provides regulatory clarity and business assurance.
Cameron claimed that a balanced approach to regulation was required to strike a balance between risk, maintain high levels of consumer protection, and avoid impeding the growth and innovation in the sector.
According to its website, APPG provides a venue for lawmakers, regulators, and the British government to address challenges and potential in the crypto sector.
