A coalition of six leading UK digital economy trade associations has urged Prime Minister Keir Starmer’s government to prioritize cryptocurrency and blockchain technology as a strategic sector. In a letter dated March 31, the group called for the appointment of a dedicated crypto envoy and the creation of a comprehensive government action plan to foster innovation, investment, and job creation in the digital asset industry.
Recommendations for Government Action
The coalition, which includes the UK Cryptoasset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, the Crypto Council for Innovation, and techUK, emphasized the need for stronger alignment to unlock the economic potential of blockchain and digital assets. Key proposals include:
- Appointing a Blockchain Special Envoy: Inspired by the U.S. model under President Donald Trump, where a “crypto czar” was appointed to coordinate policy and drive innovation, the UK envoy would act as a central figure to advocate for the sector and ensure cohesive policy development.
- Government Action Plan: The trade bodies recommended rolling out a targeted plan to support blockchain and crypto growth. This would include identifying key areas for development, creating public sector support mechanisms, and offering concierge services to attract high-potential startups.
- Leveraging Emerging Technologies: The coalition highlighted synergies between blockchain, artificial intelligence (AI), and quantum computing, suggesting these technologies could be integrated into government services to enhance efficiency and innovation.
- Industry-Government Collaboration: Establishing a high-level forum for regulators, industry leaders, and policymakers was proposed to ensure informed decision-making and cross-sector collaboration.
Economic Potential of Blockchain
The trade associations estimate that embracing blockchain technology could contribute up to £57 billion ($73.6 billion) to the UK economy over the next decade. Globally, blockchain and crypto could add £1.39 trillion ($1.8 trillion) to GDP by 2030.
Tom Griffiths, co-founder of crypto compliance firm BitCompli, warned that the UK risks falling behind jurisdictions like Dubai, Singapore, and Hong Kong if it fails to act decisively. While praising the Financial Conduct Authority (FCA) for its talent and foresight, Griffiths stressed that proactive measures are essential to capitalize on this sector’s long-term benefits.
About Cryptobets.com
Cryptobets.com is your trusted source for cryptocurrency news and analysis tailored for investors and enthusiasts alike. From updates on major developments like UK crypto policy shifts to strategies for leveraging digital assets in betting markets, Cryptobets.com delivers expert insights you can rely on. Stay ahead of industry trends by visiting Cryptobets.com.