The UK trade body calls on the government to classify cryptocurrency as a "strategic priority."

CN
4 days ago

Source: Cointelegraph Original: "{title}"

Several UK trade associations are urging Prime Minister Keir Starmer's office to appoint a dedicated envoy for cryptocurrency and to develop a specific action plan for digital assets and blockchain technology.

In a letter dated March 31, an alliance of six UK digital economy trade organizations urged Starmer's special advisor on business and investment, Varun Chandra, to "focus and coordinate more strategically to drive investment, growth, and jobs in the cryptocurrency sector."

The group includes the UK Cryptoasset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, Crypto Council for Innovation, and techUK. The letter referenced the shift in cryptocurrency policy under former President Donald Trump in the U.S. and Trump's appointment of a cryptocurrency commissioner.

The letter pointed out that the economic trade agreement reached between the UK and the U.S. "provides a significant opportunity to emulate U.S. leadership in blockchain, digital assets, and other emerging financial technologies."

The group suggested that the UK should appoint a blockchain envoy similar to that of the U.S. to coordinate policies, promote innovation, and enhance the UK's competitiveness in the global market.

These trade organizations also called for a dedicated government action plan regarding cryptocurrency and blockchain technology, including a concierge service to attract high-potential businesses.

They further suggested that the government should recognize and leverage the commonalities between blockchain, quantum computing, and artificial intelligence technologies, including their potential applications in government services.

Another recommendation was to create a high-level industry-government-regulatory interaction forum to ensure well-informed decision-making and cross-departmental collaboration.

The UK Cryptocurrency and Technology Association is lobbying the government to change its policies. Source: LinkedIn

They stated, "The UK has a rich talent pool, access to capital, world-class academic institutions, and a mature regulatory framework, providing an environment where digital asset and blockchain innovation can thrive."

The alliance believes that cryptocurrency and blockchain technology could add £57 billion (approximately $73.6 billion) to the UK economy over the next decade, and that this sector could contribute £1.39 trillion (approximately $1.8 trillion) to global GDP by 2030.

Tom Griffiths, co-founder and managing partner of cryptocurrency compliance consultancy BitCompli, responded to the letter on LinkedIn, stating that the Financial Conduct Authority (FCA) "has a wealth of talent and a clear vision for the future, but the UK is clearly falling behind in competition with Dubai, Singapore, and other EU jurisdictions."

He added, "Now is the time for the FCA to take action, or the UK will miss this huge opportunity—digital assets and all the benefits they can bring, not just now, but over the next 20 years."

Related: Spot Trading Blitz: How Gate.io's "Coin Listing Speed + Security Dual Engine" Became a Retail Printing Machine

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