Several trade organizations in the UK have reached out to the office of Prime Minister Keir Starmer, requesting the appointment of a special envoy focused on cryptocurrency and a comprehensive action plan for digital assets and blockchain technology.
In a letter dated March 31, a coalition of six digital economy trade bodies called upon Starmer’s special adviser for business and investment, Varun Chandra, to emphasize “greater strategic focus and alignment to deliver investment, growth, and jobs” in the crypto sector.
This group, which includes organizations such as the UK Cryptoasset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, the Crypto Council for Innovation, and techUK, highlighted the shift in U.S. policy regarding cryptocurrency under former President Donald Trump, including the appointment of a crypto czar.
The letter also pointed out that Britain’s commitment to an economic trade pact focused on technological cooperation with the U.S. “presents a significant opportunity to emulate the United States’ ambition to lead in blockchain, digital assets, and emerging financial technologies.”
The coalition proposed the UK appoint a dedicated blockchain envoy, akin to the U.S. position, to coordinate policy, stimulate innovation, and enhance the nation’s competitiveness in international markets.
Additionally, the trade organizations called for the creation of a specific government action plan for cryptocurrency and blockchain technologies, suggesting the establishment of a concierge service aimed at attracting high-potential firms.
They further urged the government to recognize and capitalize on the synergies between blockchain, quantum computing, and artificial intelligence, including their potential applications for government services.
Another recommendation involved the formation of a high-level forum for engagement between industry stakeholders, government, and regulators to foster informed decision-making and collaborative efforts across sectors.
The coalition emphasized, “With a wealth of talent, access to investment, prestigious academic institutions, and sophisticated regulators, the UK is well-positioned for the advancement of digital assets and blockchain innovation.”
This coalition believes that the crypto and blockchain sectors could contribute as much as 57 billion pounds ($73.6 billion) to the UK economy over the next ten years, with the potential to increase global GDP by 1.39 trillion pounds ($1.8 trillion) by 2030.
Tom Griffiths, co-founder and managing partner of a crypto compliance advisory firm, remarked on LinkedIn in response to the letter that the Financial Conduct Authority (FCA) “possesses considerable talent and foresight regarding future initiatives, but the UK is falling behind countries like Dubai, Singapore, and other EU jurisdictions.”
He emphasized, “This is the moment for the FCA to take action; otherwise, the UK risks missing out on the significant potential that digital assets present—not only now but for the next two decades.”