The Law Makers of the United Kingdom forms Crypto Advocacy Group for Parliament

The chairperson and MP Lisa Cameron have said that they are having a crucial time for the sector because the global policymakers are reviewing their approach to crypto and its regulation.

One of the members of the parliament of the House of the Commons, UK, Lisa Cameron is reportedly chairing a lobby group that focuses on prompting crypto-related legislation in Government.

According to one of the reports of the Financial Times, the members of the parliament ad the House of Lords in the UK has launched Digital Assets Group and Crypto to ensure the rules for the UK’s cryptocurrency. The cross-party group also focuses on protecting investors from financial crimes that include, offering scams from regulated companies and token scams.

The country’s self-regulating trade group for the crypto industry has backed the creation of the advocacy group. According to Ian Taylor, an executive director of CryptoUK, the group intended to invest more than $67,000 in 2022 for supporting the Digital Assets Group and Crypto and to focus on education around crypto-assets.

The UK Financial Conduct Authority had issued numerous warnings in 2021 to retail investors and advised them of the possibilities of risk in dealing with the firm of crypto that is not yet registered in the financial watchdog of the country. The independent advertising regulator, the UK Advertising Authority has removed advertisements including Kraken and Coinbase from Crypto firms.

Bank of England governor issues crypto investment warning

This has become a growing concern over illicit transactions and crypto scams in the UK. According to a report from Chainalysis, it showed that a scammer received $7.8 billion in crypto stolen from victims in 2021 and more than $2.8 billion came from rug pulls. The Chainalysis’ report attributed the prevalence of rug pulls and also the lack of code audits for certain projects of DeFi.