United Kingdom: Published APPG report on inquiry into cryptocurrencies and digital assets

On 5 June 2023, the UK Crypto and Digital Assets All Party Parliamentary Group (APPG) published a report on the inquiry into cryptocurrencies and digital assets with recommendations to the government for the crypto and digital asset sector. It recognises the substantial growth of this industry and asserts the necessity of urgent regulation in the UK to safeguard consumers and establish guidelines for economic development. The report highlights the crucial role of UK regulators in realizing the government's vision of becoming a global crypto hub. Additionally, it emphasises the importance of coordination among various government departments and agencies affected by the expansion of crypto, digital assets, and blockchain technology. To address this challenge, the report proposes the creation of a role, referred to as a "Crypto Tsar," responsible for coordinating efforts across departments and ensuring a consistent approach.