Thread by @Saad_Alrayes

1/9 The launch of the Crypto & Digital Assets All Party Parliamentary Group’s report on making the #UK a #crypto hub highlights the potential for the country to lead in crypto innovation, provided the right regulatory framework is in place.

2/9 But urgent regulation in the industry is still needed. The report showcases a prime example of successful public-private collaboration, acknowledging the opportunities presented by the #cryptocurrency & digital assets industry.

3/9 These include financial service efficiencies, economic growth, research opportunities, and improved financial inclusion. The #UK must strategically plan across governmental departments to realise these benefits.

4/9 Exciting developments lie ahead as the Parliament prepares to debate the APPG #Crypto Report's findings & recommendations on cryptocurrency regulation. The #UK Government's formal response to the report will also be revealed this week, marking a crucial moment for crypto reg.

5/9 The commitment to regulating stablecoins as a means of payment through the Financial Services and Markets Bill demonstrates its proactive stance. The launch of the #Sandbox & the #Cryptoasset Engagement Group signifies the collaboration between the FCA & the industry.

6/9The role of regulators is pivotal in achieving the Government's vision for the #crypto industry. Balancing risk mitigation & attracting investment requires clear guidelines & requirements for businesses entering the UK; emphasising the need for high standards of compliance.

7/9 The report highlights concerns regarding the role of #FCA. Since 2020, the FCA has been responsible for licensing & registering companies in the #UK for anti-money laundering. By 2023, only 41 firms had been registered, raising questions about the FCA's approach.

8/9 Despite the government's message of being open for business for cryptocurrency companies, many firms have faced challenges in obtaining licenses to operate in the #UK. Lengthy delays & rejected applications without clear explanations have been common experiences.

9/9 These issue led to frustration & uncertainty for #cryptocurrency companies. Improving the registration process and providing clearer guidance is necessary to foster an environment of confidence and transparency.