UK trade associations have urged the government to appoint a dedicated crypto envoy to hasten the development of the sector amidst global competition.
Call for a Dedicated Crypto Envoy
UK trade associations have appealed to the government to appoint a crypto envoy to facilitate sector growth. This comes amidst a global race to embrace crypto and concerns that the UK risks falling behind without decisive government action.
UK’s Focus on Digital Assets and Blockchain
On March 31, six UK digital economy trade bodies addressed a letter to Varun Chandra, Prime Minister Starmer's business and investment adviser. They emphasized the need for strategic focus on digital assets and blockchain to reinforce the UK's position. The bodies highlighted the importance of fostering investment and innovation, creating jobs, and boosting confidence in the UK's crypto industry. They project that over the next decade, the crypto sector could significantly contribute to the UK's economy.
The Urgency of the UK’s Action on Crypto
Tom Griffiths, Co-Founder and Managing Partner of BitCompli, responded on LinkedIn, emphasizing the need for the Financial Conduct Authority to act. He noted that the UK is at risk of missing out on opportunities presented by digital assets. Despite growing recognition of digital assets, the UK government has yet to take decisive action in designating cryptocurrency as a strategic sector.
Strengthening the UK's position in the crypto industry requires strategic decisions and the appointment of an envoy to seize economic opportunities.
