A group of leading trade organizations in the UK’s digital economy is urging lawmakers to enhance their commitment to blockchain and digital assets by advocating for a dedicated representative and a strategic action plan to maintain the country’s competitiveness.
On March 31, six trade associations—including the UK Cryptoasset Business Council, techUK, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, and the Crypto Council for Innovation—contacted Varun Chandra, the Prime Minister’s special adviser on business and investment.
They emphasized the need for “greater strategic focus and alignment to promote investment, growth, and job creation” within the UK’s digital asset landscape.
Referring to “recent geopolitical developments,” such as Donald Trump’s election, the organizations highlighted that a global race for digital leadership is in progress, with countries like Singapore, the UAE, and Hong Kong implementing national strategies to attract blockchain enterprises. They cautioned that the UK must remain agile and proactive to avoid lagging behind.
In their letter, the coalition proposed the appointment of a blockchain-specific envoy, akin to the US’s “crypto czar,” to oversee policy, encourage innovation, and represent the UK on the global stage. They posited that this move would demonstrate a serious commitment to international investors and help keep the nation leading in blockchain advancements.
Additionally, the coalition recommended that the government establish a dedicated ‘Government Action Plan’ for blockchain and cryptocurrencies. This plan would focus on pinpointing key growth opportunities, providing public sector assistance, and creating a concierge-style service to support high-potential startups in the UK.
Crucially, the groups underscored the importance of recognizing the increasing interconnectedness between blockchain, AI, and quantum computing. They believe that harnessing the combined potential of these technologies could facilitate significant improvements in transparency, productivity, and decentralization across various sectors.
To promote effective regulation, the letter suggested establishing a high-level forum that includes industry representatives, government officials, and regulators. This would foster cross-sector collaboration, informed decision-making, and a more innovative approach to blockchain development.
The coalition highlighted that the UK’s “deep pools of talent, access to capital, world-class academic institutions, and sophisticated regulators” create an ideal environment for “blockchain innovation to flourish.”
According to research from PwC and Chainalysis, the coalition estimates that blockchain could add £57 billion to the UK economy over the next decade and contribute £1.39 trillion to global GDP by 2030.
The letter concluded with a request for a meeting to further discuss their recommendations.