British House of Commons MP Lisa Cameron is reportedly chairing a lobbying group aimed at promoting cryptocurrency-related legislation in the government.

According to the Financial Times on Friday, members of the British Parliament and the House of Lords, roll out The Crypto and Digital Assets Group ensures rules for the UK crypto industry “support innovation” from last week. The bipartisan group aims to protect investors from financial crimes, including token scams or products from regulated companies.

“We are at a pivotal moment for the industry, as policymakers around the world are now also reviewing their approach to encryption and how to regulate it,” Cameron said.

Nationwide Self-Regulatory Trade Organization for the Crypto IndustryCryptoUK reportedly supported the creation of the advocacy group. According to CryptoUK executive director Ian Taylor, the group intends to spend more than $67,000 in 2022 to support the crypto and digital asset group, with a focus on “education, education, education” around cryptoassets.

In 2021, the UK Financial Conduct Authority Multiple warnings to retail investors, advising them on the potential risks of dealing with crypto companies that have not yet registered with the country’s financial regulator.The UK Advertising Standards Authority, the country’s independent advertising regulator, also Removed ads for crypto companies Including Coinbase and Kraken.

related: Bank of England Governor Issues Warning on Crypto Investments

Fraudsters appear to be increasingly concerned about cryptocurrency scams and illegal transactions in the UK, according to a report from Chainalysis received In 2021, victims stole $7.8 billion in cryptocurrency from victims, with more than $2.8 billion coming from rug pulling. In addition to the lack of code audits for some DeFi projects, Chainalysis attributes the popularity of rug pulls to “hype around the space.”