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UK lawmakers form crypto advocacy group for parliament

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Lisa Cameron, a member of the House of Commons in the United Kingdom, said to be the chairwoman of a lobbying organisation working to promote crypto-related legislation in government.

Members of parliament and members of the House of Lords in the United Kingdom created the Crypto and Digital Assets Group this week, according to a Friday article from the Financial Times, to guarantee that rules for the crypto business in the United Kingdom “promote innovation.” The bipartisan group’s goal is to safeguard investors from financial crimes such as token frauds and regulated company offerings.

“We are at a critical juncture for the industry”, Cameron said. Noting that worldwide regulators are rethinking their attitude to cryptocurrency and how it should comply to regulations.

Financial Conduct Authority of the UK issued a series of warnings to retail investors in 2021

CryptoUK, the country’s self-regulatory trade organisation for the cryptocurrency industry, said to have endorsed the advocacy group’s formation. According to Ian Taylor, executive director of CryptoUK, the organisation plans to spend around $67,000 in 2022. In order to support the Crypto and Digital Assets Group, with a focus on “education, education, education” surrounding crypto assets.

The Financial Conduct Authority of the United Kingdom issued a series of warnings to retail investors in 2021. Warning them of the risks of dealing with crypto businesses that had not yet registered with the country’s financial authority. The Advertising Standards Authority in the United Kingdom, the country’s independent advertising authority, has also taken down ads from cryptocurrency exchanges including Coinbase and Kraken.

The apparent rise in worry in the United Kingdom over crypto scams. As well, illegal activities comes after a report from Chainalysis revealed that scammers will get $7.8 billion in crypto stolen from victims by 2021. With more than $2.8 billion coming through rug pulls. Rug pulls are common, according to Chainalysis. Because of the “hype around the space” and the lack of code audits for some DeFi initiatives.

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