A group of British parliamentarians is urging the government to implement crypto financial services legislation as soon as possible and to designate a dedicated officer to oversee the process.
The Crypto and Digital Assets All Parliamentary Group (APPG) stated in a study released on Monday that bitcoin is here to stay and requires rapid regulation.
The panel of MPs from several political parties and both houses of parliament presented 53 recommendations for regulating cryptocurrency in the country.
Bills are already being proposed in parliament to offer lawmakers greater control over the crypto sector and to assist law enforcement authorities in seizing and freezing cryptocurrency.
Currently, to operate in UK, crypto firms must first register with the Financial Conduct Authority (FCA).