Lisa Cameron, a Member of Parliament in the UK since 2015, might not have used the Bitcoin Lightning Community in her time as a lawmaker, however spends plenty of her time in workplace centered on digital belongings.

Chatting with Cointelegraph on the Consensus 2023 convention in Austin, Texas on April 28, Cameron mentioned she first began advocating for crypto-related insurance policies within the U.Ok. authorities following considered one of her constituents being the sufferer of a rug pull. Since then, the lawmaker has gone on to chair the nation’s Crypto and Digital Belongings Group and work with Prime Minister Rishi Sunak, who goals to make the U.Ok. a “international hub for crypto-asset know-how.”

“I’m an advocate for getting regulation in place that makes the a lot of the potential of the sector while defending shoppers,” mentioned Cameron.

In accordance with Cameron, the fallout from the 2022 crypto market crash offered the U.Ok. the chance to “sit up and take discover” of potential dangerous actors within the area. Regulators have already introduced extreme penalties for sure crypto corporations not following necessities in promoting companies to U.Ok. prospects.

Although many lawmakers and regulators in america authorities appear to view crypto as a polarizing situation — e.g. Senator Elizabeth Warren’s ‘anti-crypto military’ — Cameron steered that digital belongings appeared to be much less of a partisan situation throughout the pond. The MP echoed Sunak’s place of creating the U.Ok. a worldwide hub for crypto, saying she had seen lawmakers from not only one social gathering working to realize that purpose.

“I believe in the principle it’s coming collectively from a cross-party foundation of wanting to beat obstacles, make it possible for we now have the steerage that we’d like and the laws to take care of our place.”

Associated: UK monetary watchdog to crypto trade: ‘Let’s work collectively’

Cameron added that she was “not invested personally” in any cryptocurrency on account of perceived conflicts of curiosity that might doubtlessly have an effect on her objectivity in laws. Nevertheless, she added that there was a system in place permitting U.Ok. lawmakers to carry digital belongings.

“There’s going to be only a few folks over the subsequent ten years that don’t have some involvement on this sector,” mentioned Cameron. “I believe Members of Parliament aren’t proof against what’s occurring in the actual world.”

Digital asset regulation within the U.Ok. is partly overseen by the nation’s Monetary Conduct Authority, which goals to make sure crypto corporations adjust to Anti-Cash Laundering and Combating the Financing of Terrorism necessities. The U.Ok. authorities has additionally been shifting ahead on the Monetary Providers and Markets Invoice, laws that proposes regulating stablecoins along with supporting “the protected adoption of cryptocurrencies” within the nation.

Journal: Crypto regulation: Does SEC Chair Gary Gensler have the ultimate say?