UK Crypto Push: Trade Bodies Urge Govt Action

UK Crypto Industry Calls for Government Action

A coalition of six prominent UK digital economy trade bodies has urged Prime Minister Keir Starmer's office to elevate cryptocurrency to a strategic priority. In a letter dated March 31st, the group – including the UK Cryptoasset Business Council, Global Digital Finance, and techUK – called for a dedicated action plan and the appointment of a blockchain special envoy.

Key Demands from UK Trade Bodies:

• Appointment of a Blockchain Special Envoy: Mirroring the US approach, the trade bodies advocate for a dedicated envoy to coordinate policy and foster innovation within the crypto sector.
• Dedicated Government Action Plan: A comprehensive plan outlining the UK's strategy for digital assets and blockchain technology, potentially including a concierge service to attract businesses.
• Cross-Sector Collaboration: The creation of a high-level forum involving industry, government, and regulators to ensure informed decision-making.
• Leveraging Synergies: Recognizing the interconnectedness of blockchain, quantum computing, and artificial intelligence, and exploring potential government applications.

The letter highlights the potential economic benefits, projecting a £57 billion ($73.6 billion) boost to the UK economy over the next decade and a £1.39 trillion ($1.8 trillion) increase in global GDP by 2030. The initiative draws parallels with the US approach under President Trump, referencing the appointment of a 'crypto czar'.

Concerns about UK's Competitiveness

Tom Griffiths, co-founder of BitCompli, voiced concerns that the UK is falling behind other jurisdictions like Dubai and Singapore. He stressed the urgent need for action to capitalize on the opportunities presented by the digital asset sector.

Codeum, a leader in blockchain security and development, understands the critical need for robust infrastructure and regulation in the crypto space. Our services, including smart contract audits, KYC verification, and custom smart contract development, are crucial to ensuring the security and growth of this vital industry.

The UK's success in the crypto arena will depend on its ability to adapt and proactively shape its regulatory landscape. This proactive approach by UK trade bodies signals a crucial step towards establishing the UK as a leading player in the global blockchain ecosystem.