Lisa Cameron, a Member of Parliament in the United Kingdom, is advocating for digital asset regulations that maximize the potential of the crypto sector while protecting consumers. Cameron first became interested in crypto-related policies after one of her constituents was the victim of a rug pull. Since then, she has chaired the country’s Crypto and Digital Assets Group and worked with Prime Minister Rishi Sunak to make the UK a “global hub for crypto-asset technology.”
I’m an advocate for getting regulation in place that makes the most of the potential of the sector whilst protecting consumers
Lisa Cameron
The UK government’s response to the 2022 crypto market crash has provided an opportunity to “sit up and take notice” of potential bad actors in the space, according to Cameron. Regulators have already announced severe consequences for certain crypto firms that fail to follow advertising requirements when offering services to UK customers.
While many lawmakers and regulators in the United States government see crypto as a polarizing issue, Cameron suggested that digital assets seemed to be less of a partisan issue in the UK. She echoed Sunak’s position of making the UK a global hub for crypto and said she had seen lawmakers from not just one party working to achieve that goal.
“There’s going to be very few people over the next ten years that don’t have some involvement in this sector,” said Cameron. “I think Members of Parliament are not immune to what’s going on in the real world.”
Digital asset regulation in the UK is partly overseen by the country’s Financial Conduct Authority, which aims to ensure crypto firms comply with Anti-Money Laundering and Combating the Financing of Terrorism requirements. The UK government is also moving forward on the Financial Services and Markets Bill, legislation that proposes regulating stablecoins and supporting “the safe adoption of cryptocurrencies” in the country.
Cameron is not personally invested in any cryptocurrency due to perceived conflicts of interest that could affect her objectivity in legislation. However, she noted that there is a system in place allowing UK lawmakers to hold digital assets.
The crypto sector has been facing increasing scrutiny and regulation worldwide, with many countries implementing measures to protect consumers and prevent illicit activities such as money laundering and terrorism financing. Cameron’s advocacy for regulations that balance innovation with consumer protection could help shape the future of the UK’s crypto industry.