UK Considers Appointing a Crypto Tsar: Will It Strengthen Regulation and Innovation?

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A lawmaker group in the United Kingdom has published its recommendations to the government for the crypto and digital asset space. The list of recommendations includes the appointment of an official who will ensure a coordinated regulatory approach for the crypto and digital assets space. In an effort to help policymakers better understand the crypto space, the Crypto and Digital Assets All Parliamentary Group (APPG) published a report containing 53 recommendations for the space.

In its key conclusions, the report highlighted that the rapid growth of the crypto and digital assets suggests that “the sector is here to stay.” Because of this, the report also suggested that there is an urgent need for crypto regulation in the UK to protect consumers and create guardrails that ensure economic growth. APPG Chair Lisa Cameron said that given the growth of crypto, the report is vital to ensure the UK’s leadership in the sector and make sure that consumers are protected.

According to the report, UK regulators will play a vital role in delivering the government’s vision to make the UK a global crypto hub. Because of this, the lawmakers also highlighted the need for a coordinated approach across various government departments and agencies that could potentially be impacted by the growth of crypto, digital assets, and blockchain technology.

To solve this challenge, the report suggested the creation of a role that would coordinate across departments. “Government should consider the appointment of a ‘Crypto Tsar’ who can help coordinate across departments to ensure a consistent approach,” the APPG wrote.

Meanwhile, in the United States, targeted crypto legislation could potentially start the ball rolling. In a Cointelegraph interview, University professor Carol Goforth said that if they are lucky, the U.S. could get targeted legislation on spot market regulation or stablecoin legislation. According to the professor, this could kick off the creation of regulations in the country.

The importance of a coordinated approach in regulating the crypto and digital asset space cannot be overstated. As the sector continues to grow and evolve, it is essential for governments to create an environment that fosters innovation while protecting consumers and promoting economic growth. The appointment of a ‘Crypto Tsar’ could be a significant step in achieving this balance and ensuring the UK remains at the forefront of the global crypto landscape.

Source: Cointelegraph

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