The UK Parliament's Cryptocurrency Awareness Gap: From "Stranger" to "Priority Issue"

The Policy Makers’ Education Vacuum

The UK Parliament’s attitude towards cryptocurrencies has long been in a state of “not suspicion, but unfamiliarity.” This is the core issue revealed by former UK MP and founder of the UK-America Crypto Alliance, Dr. Lisa Cameron, at the London Financial Summit (FMLS:25).

When Cameron first investigated crypto policies in 2021, she discovered a startling contrast: the House of Commons had almost no discussions or mentions of cryptocurrencies, while data from the UK Financial Conduct Authority (FCA) showed that nearly 4 million UK citizens were involved in digital asset trading or related activities at the time. This disconnect not only reflects policymakers’ knowledge blind spots but also exposes the country’s strategic gap in emerging financial technologies.

The root of this dilemma is not parliamentary resistance but a fundamental lack of understanding of the industry itself. Cameron’s personal turning point came from a constituent seeking help in 2021—who had lost a significant amount due to crypto scams and hoped for redress. This specific case prompted the clinical psychologist and MP to delve deeper into the industry, uncovering a systemic problem: Westminster’s understanding of the digital asset ecosystem is almost zero, and this ignorance threatens the nation’s position as a hub for crypto innovation.

From Zero Mention to Over 200 Discussions

To fill this educational void, Cameron launched the UK’s first cross-party Parliamentary Group for Cryptocurrency and Digital Assets (APPG) in 2021, leading the organization for the next four years. The initial focus was very basic—providing foundational education for MPs and Lords.

The process was not smooth. Cameron recalls that early on, many industry representatives visited Parliament trying to explain the crypto sector to MPs, but due to the industry’s mixed quality—some even “visiting in jeans”—it only deepened MPs’ confusion. The APPG had to invest significant effort in inviting industry experts to decode terminology and help MPs understand the specifics of lobbying efforts.

This effort gradually paid off. According to research by consulting firm Greengage, mentions of cryptocurrencies and digital assets in Parliament increased from zero in 2021 to over 200 times in 2023-24. This surge was largely driven by systematic efforts from the APPG. As questions and debate requests related to City Minister Andrew Griffith increased, various departments were compelled to develop positions and deepen their technical understanding, gradually bringing digital assets into the political agenda’s center.

At that time, Prime Minister Rishi Sunak explicitly stated that the UK should become a crypto hub, further pushing parliamentary focus on the issue. Through sustained policy pressure and educational efforts, a once-unknown field gradually became a priority in policymaking.

Regulatory Choices Under International Competition Pressure

However, Cameron emphasizes that the UK cannot view its regulatory decisions as isolated events. Dubai’s Virtual Assets Regulatory Authority (VARA) and Singapore have successfully attracted many companies by balancing innovation with clear compliance frameworks. These regions delegate compliance to specialized agencies (to some extent “outsourcing” complex regulatory tasks) while maintaining enough flexibility to attract innovators.

This balanced approach has already caused a “migration wave” of companies in these regions. If the UK continues with overly strict or ambiguous stances, the risks will only increase.

Cameron suggests the UK should consider adopting a “light-touch” regulatory framework—allowing innovators to “operate within guardrails” while prioritizing consumer protection, but without stifling entrepreneurship, investment, and growth. This approach has proven effective in places like Singapore and Zug (Crypto Valley) in Switzerland.

From Lobbying to Direct Public Engagement

One of Cameron’s strongest calls to FMLS attendees is that the industry cannot outsource all advocacy work to lobbying groups. When she asked how many in the audience had directly contacted their MPs or introduced their work in digital assets, only a few raised their hands.

This highlights a serious strategic neglect of direct political communication within the industry. Companies should actively participate in cross-party crypto, blockchain, digital currency, and fintech groups, using constituency office hours to directly explain to MPs how their industry creates jobs, skills, and future growth opportunities. Responsibility should not be entirely outsourced to intermediaries just because formal lobbying channels exist.

Intergenerational Perspective from the Children’s Parliament

A particularly revealing detail came from Cameron’s interaction with the UK Children’s Parliament. When young representatives aged 7 to 15 met with MPs, Lords, and industry representatives (including a Roblox manager), it became quite enlightening.

This meeting reinforced a key point: Parliament should not only craft regulatory frameworks and educational policies but also design systems that create future-oriented careers—rather than simply copying traditional paths like becoming a doctor or lawyer. The young representatives from across the UK shared what matters most to their future. In fact, this generation’s understanding of digital assets, blockchain, and Web3 often surpasses that of Parliament in 2021.

This creates a powerful contrast: policymakers need to learn from the next generation, not the other way around.

The Time Window Is Narrowing

Cameron concludes with a warning: the UK faces a “window of opportunity” to shape on-chain innovation, but this window is closing as other international centers move forward at a faster pace.

She plans to continue engaging with legislators in Spain, the EU, Italy, Germany, Singapore, and the US over the next year to provide Westminster with a clear global perspective—where the UK stands in the global crypto hierarchy and what changes are needed to stay competitive.

Her final appeal to the FMLS audience is clear: if innovators want to build a “Made in Britain” future in the UK, they must help educate policymakers who will decide whether these companies stay in Britain or migrate elsewhere. The UK cannot continue outsourcing policy communication to traditional channels nor rely on Parliament to awaken on its own—both sides must actively participate.