It’s been a long time since crypto regulation demands are ‘in demand.’ Authorities of many governments and their governing bodies in many countries have said to do so and might be preparing for the same. However, Crypto Regulations have been as controversial as the Crypto industry itself.
But some supporters of cryptocurrencies and digital assets have also thought that there should be crypto regulations if they are this important. Still, it should follow a proper procedure for lawmaking and crypto legislation. So that Crypto does not have to lose its core principle, Decentralization, and no single authority. The same kind of incident happened in the UK, say reports, where some members of Parliament from both the houses teamed up to support Crypto Legislation that would promote Crypto and digital assets.
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The Group, led by Lisa Cameron, a member of Parliament, includes members from both the House of Lords and the House of Commons. Group has also named itself “Crypto and Digital Assets Group’, which will do the same as the name suggests. Further, as reports suggest, the goal of the Group is to ensure the Crypto regulations should be in such a way that it should “support Innovation,” referring to Blockchain Technology and Digital Assets.
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Moreover, the Group will also look into the Crypto Legislation, the safety measures for the investors to be safe from various Financial crimes and hacking, and even frauds from regulated, centralized firms. The need for this kind of security is because of some mishappenings related to the same. According to a report by Chainalysis, in only 2021, $7.8 Billion worth of Bitcoin has been stolen from the users. Different authorities also took some actions in the UK from time to time.
For instance, the UK’s Financial Conduct Authority (FCA) has advised retail investors about the risks of trading and using unregistered Crypto firms for various purposes, which is not safe at all. Also, an advertising regulatory body of the UK, the Advertising Standards Authority, has removed various cryptocurrency ads from approx six crypto exchange and crypto-based firms. Those advertisements were violating rules made to prohibit such false ads showing new cryptocurrencies or projects with huge profit eventually turned out as a fraud or a loss-making project. The incidents mentioned above of stealing Bitcoin from users include approx $2.8 billion through rug pulls.
The inter-parliament Group has been putting its efforts into Crypto legislation to better Crypto and its use. The Group is also being supported by a Self-regulating trade organization for Crypto in the UK, CryptoUK. As reports mentioned, the Firm’s Executive Director Ian Taylor has stated that about $627 thousand will be spent in the year 2022 to support the “Crypto and Digital Assets” group. And also, the fund will be used by the Group for the sake of Crypto Education, its awareness, and its uses.