The need for crypto regulation has grown louder in the UK, with British lawmakers emphasizing a regulatory framework for retail crypto trading.
A recently released committee report by the House of Commons has called for retail crypto trading to be administered under crypto regulations, even as British lawmakers continue to support it strongly.
While local authorities have supported crypto regulation in the UK in recent times, the latest committee report is a direct testament to the importance British lawmakers attest to crypto.
Head of Policy at Ripple Labs, Susan Friedman, was cited in the report saying, “It is no secret that the cross-border transfer system is broken. It takes three to five days. Up to 6% is chewed up in fees. Blockchain and crypto can help solve those problems and help money move much more efficiently than it does in the current system.”
The committee report underlines several benefits to be derived from crypto before moving to the section where the risks of the crypto industry are portrayed. A section of the British lawmakers had concerns regarding the lack of intrinsic value of certain assets and hence called for regulation of retail crypto trading on the lines of the gambling industry.
At the same time, the committee report also mentioned the importance of crypto and how crypto regulation would bring its advantages, including financial inclusion and better cross-border payments.
The UK Treasury has been currently receiving opinions from the crypto industry regarding DeFi taxes, which is expected to continue until June 2022. All such efforts from the authorities of the UK could help frame better crypto regulations for the UK in the near future.