Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

MPs call for dedicated ‘crypto tsar’ to oversee plans to turn UK into digital asset hub

by June 5, 2023
June 5, 2023
MPs call for dedicated ‘crypto tsar’ to oversee plans to turn UK into digital asset hub

A group of MPs have called for the appointment of a dedicated “crypto tsar” to oversee plans to turn the UK into a digital asset hub today, as stark divisions emerge in parliament over the future direction and role of the country’s crypto industry.

In a new report, the All Party Parliamentary Group on Crypto and Digital Assets claimed the industry had the potential to “significantly transform” the UK’s financial services industry and the “way we deal with money”.

Among a host of recommendations the MPs have called for the appointment of a “crypto tsar” to “ensure a coordinated approach” across government, as well as firing warning shots at ministers that the sluggish pace of regulation in the UK.

“Other jurisdictions are making significant headway in delivering legal and regulatory certainty and there is a real risk of the UK being left behind by more advanced and more cryptocurrency and digital asset friendly regulated markets overseas,” the report warned. “The government must move within a finite window of opportunity within the next 12-18 months to ensure early leadership within this sector.”

The EU’s recent regulatory framework, the Markets in Crypto-Assets (MiCA) regulation, rolled out earlier this year was cited as an example of other markets surging ahead of the UK.

An overarching strategy for the direction of the sector and further clarity on whether ministers intended to drop existing rules onto the sector or draw up new ones were among the other recommendations from the group.

The calls come as ministers prepare to bring the sector within the remit of the City’s watchdogs this year under powers granted by the Financial Services and Markets Bill, which is currently making its way through parliament.

City minister Andrew Griffith has said the UK could draw up specific laws in the next 12 months to enable the clamp down by regulators.

The new report today signals a wide schism opening in parliament over the potential and opportunity of crypto.

The influential Treasury Select Committee last month riled top figures in the sector as they called for the industry to be regulated in the same way as gambling, claiming that “retail trading in unbacked crypto more closely resembles gambling than a financial service”.

“Cryptocurrencies such as Bitcoin have no intrinsic value and serve no useful social purpose, while consuming large amounts of energy and being used by criminals in scams, fraud and money laundering,” the group warned.

Read more:
MPs call for dedicated ‘crypto tsar’ to oversee plans to turn UK into digital asset hub

0
FacebookTwitterGoogle +Pinterest
previous post
New car sales up for tenth consecutive month
next post
BCC launches Business Council with Heathrow, Drax, IHG Hotels & Resorts and BP as founding partners

You may also like

Post-Brexit checks reduce Eurostar’s London terminal capacity by...

September 28, 2022

Staff at nine train companies to stage 24-hour...

August 31, 2022

Housing market stabilising after turbulence of Truss and...

March 20, 2023

Funding Circle co-founder Samir Desai to leave board,...

September 26, 2024

Grimsby-based myenergi set to become UK’s largest home...

April 6, 2023

Trade figures reveal UK’s challenge to boost economic...

November 28, 2024

UK car production declines as manufacturers pivot to...

July 25, 2024

5 Tips to Turn First-Time Customers Into Regulars...

June 14, 2025

HMRC on to a nice little earner with...

January 6, 2023

Car Finance vs Personal Loans: Which One is...

April 1, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Bill Gates met with Trump to talk ‘importance of US global health programs and health research’: spox

      August 28, 2025
    • Trump asks SCOTUS to uphold freeze on billions in USAID payments

      August 27, 2025
    • Three Years of Sounding the Debt Alarm at Cato and on the Debt Dispatch

      August 27, 2025
    • Trump Administration Rightly Attacks EU Tech Regulations but Tariffs and Censorship at Home Harm Americans 

      August 27, 2025
    • White House demands all Gaza hostages return home ‘this week’ amid stalled talks

      August 27, 2025
    • Bankruptcy, Hell, and Exit Barriers

      August 27, 2025

    Categories

    • Business (8,897)
    • Investing (2,246)
    • Politics (16,502)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved