On Monday, the All-Party Parliamentary Group, or APPG, for crypto and digital assets was relaunched as the industry is clamouring for regulatory clarity.
While it’s not part of the official legislative machinery, the group functions as a forum for Members of Parliament to liaise with government regulators over crypto regulations.
The group will be supported by CryptoUK, a notable crypto lobby organisation that represents over 150 market stakeholders.
The cross-party coalition will be chaired by Gurinder Josan, a Labour Party MP, and Ed Vaizey, a Conservative member of the House of Lords, according to an announcement. Vaizey is a former government minister for the digital economy.
“Our goal is to make the UK the safest place for consumers and the best place for businesses to invest and build,” Josan said. “That means establishing robust, fair and future-focused rules.”
With crypto ownership in the UK on the rise, according to research by the Financial Conduct Authority, the relaunched APPG says it wants to explore ways to close the gap between the expanding crypto adoption in the UK and the lack of a fully operational regulatory regime for digital assets.
The newly reformed group comes as market participants are still waiting for concrete moves from the government in terms of crypto regulations.