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UK Lawmakers Call for Immediate Crypto Regulations and Dedicated Official

The Crypto and Digital Assets All Parliamentary Group (APPG) in the UK has urged the government to introduce regulations for crypto financial services as soon as possible and to appoint a dedicated official to oversee the process.

The group, which includes lawmakers from different political parties and both houses of parliament, made 53 recommendations for regulating crypto in the country.

The government recently closed a consultation proposing that the UK regulates crypto by bringing it into the scope of existing financial services regulations, and crypto companies currently have to be registered with the Financial Conduct Authority (FCA) if they want to operate in the country.

The APPG report also discusses the potential of a central bank digital currency and the current approaches of regulators like the Bank of England, Advertising Standards Authority and FCA to regulating crypto.

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