UK lawmakers want a dedicated government role to oversee crypto regulation.

A group of lawmakers in the United Kingdom is urging the government to introduce regulations for financial services related to cryptocurrencies as soon as possible and appoint a dedicated official to oversee the process. In a report released on Monday, the Crypto and Digital Assets All Parliamentary Group (APPG) stated that cryptocurrencies are here to stay and require immediate regulation. The group, comprising lawmakers from different political parties and both houses of parliament, made 53 recommendations for regulating cryptocurrencies in the country. The UK government recently concluded a consultation proposing that the country regulate cryptocurrencies by bringing them under the scope of existing financial services regulations. CryptoUK, a lobby group affiliated with the APPG, stated in its response to the consultation that it wanted the UK to have specific cryptocurrency regulations in place within a year, a target the government hopes to achieve. Bills are already being debated in parliament to give lawmakers more power over the cryptocurrency sector and assist law enforcement agencies in seizing and freezing cryptocurrency. Currently, cryptocurrency firms must be registered with the Financial Conduct Authority (FCA) if they want to operate in the country.

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