The UK’s parliament has launched a cross-party group to cover the crypto and digital assets sector

The new crypto group, which officially registered with parliament last week, will act as a forum for parliamentarians, policymakers and the UK crypto sector to discuss policy and regulation of the industry.

The UK’s crypto lobby has stepped up its influence in Westminster with the launch of a cross-party group of lawmakers, as politicians on both sides of the Atlantic intensify efforts to regulate growing digital asset markets, according to the Financial Times.

The Crypto and Digital Assets Group, composed of UK MPs and members of the House of Lords, will work to make sure that new rules for the digital asset industry “support innovation”, according to SNP MP Lisa Cameron, who will chair the group.

The group also pledges to help tackle economic crime and consumer protection at a time when regulators have repeatedly warned about the risks to savers from crypto scams and unregulated firms. Scams involving cryptocurrencies cost investors $7.8bn this year worldwide, according to Chainalysis.

The founding of the Westminster group, which is backed by the digital asset trade association CryptoUK, comes as regulators and politicians race to catch up with the explosive growth of crypto markets last year.

“We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated,” Cameron said.

High on the new group’s agenda will be to examine the FCA’s money laundering registration regime for crypto companies, as well as the outcome of two pending policy consultations on crypto advertising and stablecoins.

Cameron told the FT that looking at how to “best protect consumers” also needs to be a “top priority for government and regulators”. She said the rules for advertising and registering crypto firms need to be clear to help shield consumers from losses and give “UK firms business certainty”.

The new crypto group, which officially registered with parliament last week, counts former digital economy minister Ed Vaizey among its members, along with Tory MP Harriett Baldwin, a former JPMorgan executive and city minister.

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