A parliamentary group in the United Kingdom, the Crypto and Digital Assets All Party Parliamentary Group (APPG), recently said it had launched an inquiry that will examine the country’s present approach to crypto and digital asset regulation. In addition to gathering information via evidence sessions, the APPG said it is also open to views from players in the sector.
Making the UK the ‘Global Home of Crypto Investment’
A United Kingdom (U.K.) parliamentary committee known as the Crypto and Digital Assets All Party Parliamentary Group (APPG), recently said it had launched an inquiry into the country’s crypto and digital assets sector. The inquiry will focus on the country’s current approach to the regulation of crypto and digital assets. It will also examine the U.K. government’s plans to make the country a “global home of crypto investment.”
In a statement, the parliamentary group said it will hold several evidence sessions over the coming months. Besides gathering evidence via public meetings, the APPG said it is also open to views from players in the sector like crypto operators, regulators, and industry experts.
After the inquest period is over, the APPG said it will prepare “a report with key recommendations and will share its findings with Government for consideration.” The report will also be shared with the Treasury Select Committee in parliament.
Crucial Time for Crypto Industry
Remarking on the launch of the inquiry, Lisa Cameron, the chairperson of the Crypto and Digital Assets APPG, said:
The UK Crypto sector has seen increased interest from consumers and regulators as the number of people who now own some form of cryptocurrency or digital asset has grown in recent years. 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 added the group will also look at concerns about financial crimes and advertising in the U.K.’s crypto sector. The APPG will further look at the steps taken by regulators from other jurisdictions.
Meanwhile, the group’s statement said submissions by individuals and organizations that wish to air their views must be sent via email on or before September 5. The statement also revealed that the APPG “will accept relevant reports and research as part of any written submission as an appendix.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Your Next Crypto Investment – Cardano (ADA), Ethereum (ETH), And Mithril Finance (BARS)?
Your Next Crypto Investment – Cardano (ADA), Ethereum (ETH), and Mithril Finance (BARS)?
Every crypto investor is keen to know what cryptocurrency is going to be the next one to explode into riches. Shiba Inu (SHIB), EverGrow (EGC), and Ape Coin (APE) have all skyrocketed in recent times and made millions for their early investors.
April is almost upon us, and with it, spring is blooming. New-season equals new opportunities. It is the perfect time to release a new cryptocurrency project, the team behind Mithril Finance (BARS) will hope to capitalize on this. Mithril Finance (BARS), along with established giants Cardano (ADA) and Ethereum (ETH) are the ones to watch this month.
Cardano (ADA) is a proof-of-stake blockchain with the eighth highest market cap of all cryptocurrencies at the time of writing. Its proof-of-stake architecture is less harmful to the environment than Ethereum (ETH), and its founders have claimed that their mission is to give the world a platform for “change-makers, innovators, and visionaries” and bring positive global change.
One of ADA’s missions was to plant one million trees, which they accomplished last month. ADA has previously been high in the rankings and, due to its long-term business outlook, is expected to become even greater, making the “top 10” list.
Everyone in the crypto-sphere and a large number of people who have yet to become connected with cryptocurrency are familiar with Ethereum (ETH). After Bitcoin (BTC), it is the second most popular cryptocurrency in the world. Its market cap is now hovering around $350 billion, more than four times that of Tether (USDT), which is currently ranked third.
Despite heavy competition from Solana (SOL) and Cardano (ADA) for example, Ethereum is still by far the go-to platform for blockchain developers. Furthermore, ETH is the currency through which the great majority of NFTs are acquired and sold.
ETH has some drawbacks, the most notable of which are its fees. Because of the Ethereum Network’s rapid growth, transactions can often take a long time to complete, and as a result, gas fees can be extraordinarily high.
These negatives are expected to change in 2022. The long-awaited ETH 2.0 upgrade is set to be released this year. The Ethereum creators claim that this will significantly improve scalability issues. If this issue is resolved, ETH could be a solid cryptocurrency in which to invest for long-term rewards.
Mithril Finance (BARS)
Mithril Finance (BARS) is a decentralized exchange that will be launching its pre-sale soon. With its multi-chain capabilities, it aims to compete with the industry’s titans.
Mithril Finance is a savings and lending platform that allows members to earn interest on their pooled digital assets. BARS, a governance token developed by Mithril Finance, will provide its holders voting power over economic aspects such as interest rates, inflation, and deflation.
Mithril Finance seeks to overcome the problem of other Ethereum-based decentralized exchanges by allowing users to swap tokens at a rate of more than 50,000 transactions per second for less than $0.00001 per transaction, allowing for efficient and quick exchanges.
The BARS presale could follow in the footsteps of other big cryptocurrencies. Shiba Inu (SHIB) and Filecoin (FIL) are still in the top 50 cryptocurrencies by market cap and returned millions in presale, and if Mithril Finance can achieve something similar, early investors could profit greatly.
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