In an official news release, the UK Crypto and Digital Assets All Party Parliamentary Group (APPG) has announced that it has started an inquiry into the UK crypto sector with an intention to prepare a report and recommendations to share with the government.
The news release reveals that the investigation will focus on paramount policy issues regarding UK crypto and digital assets and written submissions will be accepted until September 5.
The inquiry will also focus on the role and current viewpoint of UK regulatory bodies like the Bank of England, the FCA and the ASA on crypto and digital assets. It will also probe into the potential of Central Bank Digital Currencies (CBDC) as well as potential threats and risks in terms of Consumer Protection and Economic Crime.
The Parliamentary group has MPs and Lords from the main political parties and the group is a forum for lawmakers and the UK crypto sector in discussing the industry.
The group is also intending to conduct several evidence sessions in the upcoming months.
The Treasury Select Committee in Parliament, which has also announced an upcoming investigation into the crypto sector, will also receive the investigation’s findings for consideration in addition to sharing them with the Government.
MP Lisa Cameron, chair of APPG, commented, “It’s vital that the UK does not take its foot off the gas and that the government and regulators keep to their commitments when it comes to crypto and digital assets.”