British trade associations have approached Prime Minister Keir Starmer, requesting the appointment of special envoys for cryptocurrencies and developing an action plan for digital assets and blockchain technologies.
Letter to the Prime Minister
On March 31, a coalition of six UK digital economy trade bodies sent a letter to Varun Chandra, the special adviser on business and investment. They urged a greater strategic focus and alignment of efforts to attract investment, growth, and job creation in the crypto industry.
Proposals for Crypto Industry Development
The group recommended that the UK appoint a blockchain special envoy to coordinate policy and foster innovation. They also called for a government action plan for the crypto industry and blockchain technology, including a concierge service to attract high-potential firms. The associations emphasized the importance of leveraging synergies in blockchain, quantum computing, and artificial intelligence, and creating an engagement forum for informed decision-making.
Experts' Opinions on the Need for Change
Tom Griffiths, a co-founder and managing partner of the crypto compliance advisory firm BitCompli, pointed out that the Financial Conduct Authority (FCA) has significant potential, but the UK is losing pace against Dubai, Singapore, and other jurisdictions. He believes it is time for the FCA to act to ensure the UK does not miss out on significant opportunities in digital assets.
The coalition believes that cryptocurrencies and blockchain could significantly contribute to the UK economy over the coming decades and urges the government to take steps to create optimal conditions for the industry's growth.
