To help policymakers better understand the crypto space, the All-Party Parliamentary Group (APPG) has released a report containing 53 different recommendations for the industry.
The report highlighted that the rapid growth of crypto and digital assets shows that the industry is persistent. The report further suggests that there is an urgent need for crypto regulation in the UK to protect consumers and create safeguards that enable economic growth.
Report Highlights Need for Coordination
APPG President Lisa Cameron said the report is vital to ensuring the UK’s leadership in the industry and consumer protection.
According to the report, UK regulators will play a vital role in realizing the government’s vision of making the UK a global crypto hub. That’s why lawmakers also highlighted the need for a coordinated approach among the various government departments and agencies that could potentially be impacted by the growth of crypto, digital assets, and blockchain technology.
The report, which was created to solve the challenges, also recommends the creation of a coordinating role between departments.
“The government should consider appointing a Head of Crypto who can assist with coordination across departments to ensure a coherent approach,” APPG said in its report. However, it is speculated that targeted crypto legislation in the United States could speed up the process.
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