A UK Member of Parliament has recently said that the cryptocurrency space is like a “new industrial revolution” that’s “here to stay” during a recent conversation on future-proofing the digital asset industry, in which she noted the UK has been moving to become a crypto hub.
During a panel on CCData’s CCDAS conference in London, Lisa Cameron, Chair of the Crypto And Digital Assets All Party Parliamentary Group (APPG), said that the UK Parliament has been moving to get up to pace with the cryptocurrency industry, with works across the House of Commons and House of Lords initially focused on consumer protection.
Per her words, the cryptocurrency sector is “here to stay” and consumer risk in it needs to be managed through regulation. The UK Parliament, when it looks at the industry, she said, sees a new digital generation ahead and a “new digital revolution” that will also affect culture, arts, sports, and more.
The MP added that it’s important for the UK to get ahead when it comes to digital assets. In the discussion was also Jean-Baptiste Graftieaux, EO of popular cryptocurrency exchange Bitstamp, who noted that Europe’s regulatory landscape is currently very complex and will be simplified by the Markets in Crypto-Assets (MiCA) regulation.
Per Graftieaux it’s currently extremely expensive for cryptocurrency operators to register with numerous countries and navigate the ongoing regulatory transition in the space. MiCA will help boost consumer protections and establish a level playing field in the space.
He added that it will help avoid the complexity and fragmentation that cryptocurrency firms are currently experiencing while helping reduce the legal and regulatory fees associated with staying compliant.
Jeff Horowitz, Chief Compliance Officer at cryptocurrency custodian BitGo, chimed in, noting that the U.S. is behind other jurisdictions including Europe, Dubai, and Singapore, despite having been one of the first countries to get heavily involved in crypto.
The UK MP noted that the country has spoken to the cryptocurrency industry and other legislators on international best practices as it looks to create a bespoke approach to cryptocurrency regulation. Per her words, regulatory clarity brings in investment, and used the EU as an example as money has been flowing into the bloc after MiCA was announced.
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