The Crypto and Digital Assets All Party Parliamentary Group (APPG) in the United Kingdom has published a report containing 53 recommendations for the crypto and digital asset sector. The report emphasizes the need for urgent regulation to protect consumers and promote economic growth in the industry.
One of the key recommendations is the appointment of an official who would ensure a coordinated regulatory approach to crypto and digital assets. This role, referred to as a “Crypto Tsar,” would help coordinate efforts across different government departments and agencies that may be affected by the growth of the industry.
The report acknowledges the rapid growth of the crypto and digital asset sector, stating that it is here to stay. To maintain the UK’s leadership in the industry and protect consumers, the report emphasizes the importance of regulation and a coordinated approach by regulators.
In the United States, targeted crypto legislation could potentially kickstart the regulatory process. Professor Carol Goforth suggests that if the industry is lucky, targeted legislation on spot market or stablecoin regulations could pave the way for broader regulations in the country.
Overall, the report from the APPG highlights the need for regulatory measures in the UK to support the growth of the crypto and digital asset sector while ensuring consumer protection and economic stability.
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