Caption: Dr. Lisa Cameron interviewed by Henzelene Healley of VA Consultants at Future Blockchain Summit in Dubai
“Balancing innovation and protection, Dr. Lisa Cameron advocates for global collaboration and informed legislation in the rapidly evolving world of digital assets.”
In a recent interview, Dr. Lisa Cameron, a former UK Member of Parliament and current chair of the Global Legislators Forum, shared her insights into the rapidly evolving world of cryptocurrency regulation and Web 3.0 technologies. With nine years of parliamentary experience, Cameron has been at the forefront of shaping policy in this dynamic sector. She chaired the UK’s first cryptocurrency group in Parliament, which brought together members of both the House of Commons and the House of Lords to explore the emerging opportunities and challenges digital assets pose. Now, as chair of the Global Legislators Forum, Cameron works with lawmakers from various countries, helping foster cross-border collaboration on best practices and regulatory frameworks.
See interview: https://youtu.be/ZgvEFg_vfMk
Reflecting on the impact of her work, Cameron said, “The more we can educate the legislators, the more they go back to their parliaments and talk about the best practices happening in other parts of the world.” She believes that learning from other jurisdictions can lead to more effective regulations that balance innovation with consumer protection. As an example, she pointed to Dubai’s approach, where the Virtual Assets Regulatory Authority (VARA) not only regulates but also fosters investment in the sector. “In the UK, our regulator only has a regulatory hat, but in Dubai, they have two hats: regulatory and investment. That’s something we can learn from,” she added. This demonstrates the value of international knowledge sharing in shaping progressive policies that keep pace with technological advancements.
Cameron emphasized that lawmakers play a crucial role in bridging the gap between the fast-moving world of technology and the often slower pace of legislative reform. “We’ve seen how quickly the Web 3.0 industry is changing,” she explained. “In 2022, we had no debates on cryptocurrency in the UK Parliament, but by last year, we had over 200 questions raised.” This increase in parliamentary attention, driven by the cryptocurrency group’s efforts, reflects the growing importance of digital assets and the need for informed legislative debates. Cameron believes that understanding the sector and engaging with it is essential for legislators to ensure that their policies are not only reactive but also forward-looking.
One of the key challenges Cameron acknowledged is the tension between fostering innovation and ensuring consumer protection. “It’s a fast-moving industry,” she said, “and the regulator needs to have the resources to keep pace with what’s happening—not just to protect consumers but also to ensure we create the right environment for investment and growth.” This fine balance is critical, especially in sectors like Web 3.0 and blockchain, which hold the potential to revolutionize industries but also bring about significant regulatory challenges.
Cameron also highlighted the importance of engaging younger generations in this technological shift. She referenced a recent interaction with the UK Youth Parliament, where young people expressed their belief that Web 3.0 would be central to their future careers. “They want us to be engaged with this,” she said. “It’s incumbent on members of Parliament not to let that generation down. We need to ensure they have the skills and the educational pathways, from junior school to university and apprenticeships, to succeed in this new landscape.” For Cameron, education is key—not only for young people but for legislators themselves, so they can make informed decisions that will shape the future of the industry.
An important aspect of Cameron’s work has been listening to businesses and real-world use cases, which help transform the abstract concept of digital assets into tangible benefits for society. “We had the deputy digital minister from Ukraine come to speak to us about how cryptocurrency enabled people on the front lines of conflict to get food and resources when the traditional banking system failed,” Cameron shared. This example, along with the work of UNICEF using blockchain for international aid, underscores how these technologies can provide practical solutions to complex global challenges. “These use cases are very important to legislators,” she noted, “because it moves the discussion from the abstract to real-world impacts on people’s everyday lives.”
The UK has already made significant strides in legislation, with Cameron mentioning key pieces of legislation that have passed since 2022. “We’ve had the Financial Services and Markets Bill, the Financial Promotions Act, which looked at advertising regulations, and more recently, an act that categorizes cryptocurrency as property under the Property Act,” she explained. However, she stressed the importance of “light-touch regulation,” advocating for a balanced approach that doesn’t overregulate but ensures protection where necessary. “We don’t want to be creating new laws if existing laws already cover some of the aspects we want to regulate,” Cameron added.
As the global regulatory landscape continues to evolve, Cameron remains committed to learning from international best practices. “I’m here because we’re trying to learn about shared best practices,” she said. “We feel that the UAE is striding ahead and making a lot of good decisions in this sector. I’ve been to Switzerland to hear about their system and to Paris to learn about MICA. We’re all about taking what works and trying to have a bespoke regime in the UK.” Her approach of learning from other countries ensures that the UK remains competitive and forward-thinking in this rapidly changing environment.
Cameron’s journey into Web 3.0 was unexpected, as she initially entered Parliament with a background in psychology. “I wasn’t into Web 3.0 or blockchain before I joined Parliament,” she admitted. However, after being approached by a constituent who had lost money in cryptocurrency, Cameron took on the challenge of investigating the sector and quickly realized its transformative potential. “It’s like an industrial revolution, but bigger than that,” she said. “It’s going to change not just finance but also art, sports, culture, and health. It’s vital that Parliament has the education it needs to put good legislation in place and ensure the UK can take a leadership position moving forward.”
Dr. Lisa Cameron’s work in the cryptocurrency and Web 3.0 space reflects a commitment to balancing innovation with regulation, fostering international collaboration, and ensuring that future generations are prepared for the digital economy. As she continues to lead the Global Legislators Forum, her vision is clear: to ensure that the UK and other countries remain at the forefront of the Web 3.0 revolution while protecting consumers and encouraging responsible innovation.