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

International online literature comes to life at the...

November 23, 2024

Six Scottish startups showcased at Virgin Hotels Edinburgh

August 16, 2022

Ways to Fund Your Side Hustle Without Relying...

April 30, 2025

Understanding the Role of Security Guards in Crime...

May 17, 2024

Bybit suffers £1.1bn crypto heist in largest alleged...

February 25, 2025

Hunt does not know if government can cut...

January 8, 2024

Heineken snaps up London craft brewer Beavertown

September 8, 2022

Bryan Robson secures partial victory in IR35 dispute...

January 22, 2025

Shipping firms pause Red Sea journeys over attacks

December 15, 2023

Middle-class families face Jeremy Hunt’s £40,000 stealth tax...

December 27, 2022

    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

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • 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