Several UK trade associations have asked Prime Minister Kiel Starmer’s office to appoint a special envoy dedicated to cryptography, calling for a dedicated plan of action for digital assets and blockchain technology.
In a letter on March 31, the coalition of six UK Digital Economy Trade Organizations urged Varun Chandra, a special advisor to business and investment priorities, calling for “a greater strategic focus and cooperation to provide investment, growth and employment” to the crypto industry.
The group consisting of the UK CryptoAsset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, and the Crypto Council for Innovation and Techuk, said it was Crypto’s US policy shift and the appointment of Crypto Czar under President Donald Trump.
The UK’s commitment to an economic and trade agreement focused on technical cooperation with the US “shows important opportunities that reflect the US ambitions to foster leadership in blockchain, digital assets and other emerging financial technologies,” the letter states.
The group recommended that the UK appoint a blockchain envoy similar to the US, coordinate policies, promote innovation and position competitive countries in the global market.
The trade agency also called for the development of a dedicated government action plan for crypto and blockchain technology, including concierge services to attract high potential companies.
They added that the government should recognize and utilize commonalities between blockchain, quantum computing and artificial intelligence technologies, including potential applications for government services.
Another recommendation was to create a high-level industry and government regulator engagement forum to ensure informed decision-making and interdisciplinary collaboration.
The UK Crypto and Technology Association is lobbying the government for policy changes. Source: LinkedIn
“A deep pool of talent, access to capital, world-class academic institutions and sophisticated regulators will provide the UK with an environment where digital assets and blockchain innovations can flourish,” they said.
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The coalition claims that crypto and blockchain technology can increase the UK economy by £57 billion ($73.6 billion) over the next decade, with the sector likely to increase its global total product by £1.39 trillion ($1.8 trillion) by 2030.
Tom Griffiths, co-founder and managing partner of Crypto Compliance Advisory Company Bitcompli, said in a letter on LinkedIn that the Financial Conduct Authority “have a lot of plans for the future and we see plans for the future, but the UK is certainly losing pace with Dubai, Singapore and other EU Julis Dicks.”
“Now is the time for the FCA to act, or the UK is losing this enormous opportunity. This is a digital asset and all the benefits this sector can bring not only now but over the next 20 years,” he added.
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