Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Politics News

MPs set to scrutinise government crypto hub plans in fresh inquiry

by
August 5, 2022
in Politics News
0
MPs set to scrutinise government crypto hub plans in fresh inquiry
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

MPs are set to scrutinise the Treasury’s plans to make the UK the “global home of crypto” in a fresh inquiry into the wider crypto and digital assets sector, launched today.

The Crypto and Digital Assets All Party Parliamentary Group (APPG), chaired by Scottish National Party MP Lisa Cameron, announced the inquiry today and said it would examine a number of areas including regulation of the space and plans announced by the Treasury to make the UK the “global home of crypto investment.”

In April, then-City Minister John Glen revealed the Treasury’s intention to make the UK a hub for crypto firms to set up shop, alongside plans to bring stablecoins into the UK’s regulatory framework as a payments tool.

But the market has since cratered in a so-called ‘crypto winter’, with more than $2tn dollars wiped from its cumulative value and coins including Terra Luna – once one of the ten most valuable currencies – shedding almost the entirety of their value.

Cameron said today the new inquiry would now examine the regulatory framework around crypto at “a crucial time for the sector” amid growing regulatory and consumer interest.

“As part of its inquiry the APPG will investigate the state of the UK crypto sector and recent concerns raised around financial crime and advertising,” she said.

“It will consider the growth of crypto over recent years and the need for regulators and Government to keep pace with the rapid advancements in innovation and technology, as well as considering whether enough is being done in terms of consumer protection.”

The UK’s top financial watchdog the Financial Conduct Authority has been ramping up its scrutiny of the space and tightening rules on advertising to stop crypto firms peddling fantastical returns and dangerous products to investors.

Central Bank Digital Currencies are alos set to come under the spotlight as the inquiry explores the role of the Bank of England in the wider crypto ecosystem. CBDCs have struggled to get political backing so far. With a house of Lord’s report describing them in January as a “solution in search of a problem”.

The inquiry is calling for written submissions until the 5th September.


ShareTweetPin

Related Posts

Microsoft and Airbnb commit to supporting a lasting legacy for West Midlands
Politics News

Microsoft and Airbnb commit to supporting a lasting legacy for West Midlands

August 11, 2022
RiskSmart raises £1m to launch SME risk managment platform in UK
Politics News

RiskSmart raises £1m to launch SME risk managment platform in UK

August 11, 2022
Podcast services startup Auddy raises £2.5m
Politics News

Podcast services startup Auddy raises £2.5m

August 11, 2022
Events startup Pollen enters administration months after raising £124m
Politics News

Events startup Pollen enters administration months after raising £124m

August 11, 2022
UK government must tackle digital poverty to close skills gap
Politics News

UK government must tackle digital poverty to close skills gap

August 11, 2022
1 in 4 shop workers skip meals each month to pay bills
Politics News

1 in 4 shop workers skip meals each month to pay bills

August 11, 2022
Next Post
UK construction output in ‘contraction territory’ for first time since pandemic

UK construction output in ‘contraction territory’ for first time since pandemic

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

White House Chief of Staff Mark Meadows says Trump had experienced a ‘very concerning’ period in his coronavirus battle

White House Chief of Staff Mark Meadows says Trump had experienced a ‘very concerning’ period in his coronavirus battle

October 3, 2020
Only 2,000 MSME loans approved from Bayanihan II allocation

Only 2,000 MSME loans approved from Bayanihan II allocation

January 10, 2021
Facebook took down a Chinese disinformation network that spread propaganda across Southeast Asia and the US (FB)

Facebook took down a Chinese disinformation network that spread propaganda across Southeast Asia and the US (FB)

September 22, 2020
Trian Fund Management cut stakes in P&G and other big holdings in second quarter: filing

Trian Fund Management cut stakes in P&G and other big holdings in second quarter: filing

August 14, 2020
Special Report: The Mask Middlemen – How pop-up brokers seek big paydays in a frenzied market

Special Report: The Mask Middlemen – How pop-up brokers seek big paydays in a frenzied market

March 31, 2020
Bavarian Nordic monkeypox vaccine wins EU approval

Bavarian Nordic monkeypox vaccine wins EU approval

July 25, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.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.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.