Member of Parliament Lisa Cameron commented on how the United Kingdom can proceed with digital asset regulations. In her speech, Cameron also mentioned MiCa, which was recently approved by the European Union, and stated that the United Kingdom is in contact with many countries regarding its efforts on crypto regulations.
What Path Will the United Kingdom Follow in Crypto Regulations?
As digital assets gain increasing adoption rates globally, regulatory authorities of countries have started to engage in intensive efforts to provide a comprehensive regulatory framework for the crypto industry. During this process, countries’ approaches to digital assets and digital asset regulations have also varied.
In the United Kingdom, significant developments have also occurred regarding crypto regulations in recent times. The Financial Conduct Authority (FCA) took action to implement regulations that introduce a series of new standards for crypto companies’ advertising and marketing activities.
However, due to the non-compliance of most crypto companies with the regulations, the effective date of the new regulations has been postponed. Nevertheless, the FCA has sent multiple warnings to crypto companies in recent months and called for their compliance with the new regulations.
As new developments continue to emerge in crypto regulations in the United Kingdom, Member of Parliament Lisa Cameron made critical statements regarding regulatory efforts. Cameron stated that they are in contact with many countries and conducting intensive efforts to provide a comprehensive regulatory framework for crypto asset markets.
Critical Statements from a Member of Parliament
Dr. Lisa Cameron, Member of Parliament and Chair of the All-Party Parliamentary Group on Cryptocurrencies and Digital Assets (APPG), made statements on crypto regulations in CCDAS 2023. Cameron stated that the United Kingdom will not “copy” MiCa, recently approved by the European Union, and will adopt a competitive approach.
Cameron stated that the best practices on an international scale are being examined and mentioned their plans to go to Paris and Brussels in the near future and their contacts with Dubai and Singapore. Additionally, Member of Parliament Lisa Cameron expressed that the United Kingdom is in favor of common international standards and a comprehensive regulatory understanding.
