As the United Kingdom continues to establish a clear cryptocurrency regulatory outlook, several entities are emerging to contribute towards creating policy for governing the sector. In particular, the All-Party Parliamentary Group (APPG) has unveiled an inquiry that seeks to consider the need for further regulation of the UK crypto space.
The inquiry aims to cover several factors, including the existing UK approach to crypto regulations and the government’s initiatives to establish the region as a global hub for digital assets, the APPG said in a press statement published on August 4.
Furthermore, the inquest will also review UK regulators’ role and current approach to digital asset regulations, Central Bank Digital Currencies (CBDC), and the risks involved with cryptocurrencies.
As part of proposing laws to govern the crypto sector, the UK Law Commission also published a consultation paper focusing on determining crypto ownership to protect users’ rights. The commission proposed extending UK property laws to recognize and preserve digital assets.