UK Trade Bodies Urge Government to Prioritize Crypto

UK trade bodies in blockchain and technology are urging Keir Starmer’s government to create a dedicated crypto envoy, mirroring the US model. 

Trade associations in the UK have appealed to the administration of Prime Minister Keir Starmer, urging it to assign a crypto envoy and craft a focused action plan for blockchain technology and digital assets. 

A coalition of six British digital economy trade bodies wrote a letter on March 31 to Starmer’s business and investment adviser, Varun Chandra, pressing him to adopt a more strategic approach to supporting investment, economic expansion, and employment in the crypto sector. 

This 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, highlighted how the US has evolved its crypto policies under President Donald Trump and how he introduced a crypto czar role. 

In their letter, the coalition emphasized that Britain’s focus on a trade deal prioritizing technological cooperation with the US creates a significant opportunity to mirror the United States’ ambition in fostering leadership in blockchain, digital assets, and other emerging financial technologies. 

To boost competitiveness in global markets, the group advised the UK to appoint a blockchain special envoy who would coordinate policies and support innovation, similar to the US initiative. 

The organizations urged the government to develop a targeted strategy for crypto and blockchain, including a concierge service to help top-tier firms grow. 

They proposed that the government integrate blockchain, quantum computing, and AI by leveraging their commonalities, particularly in ways that could benefit public sector services.

Check this out: UK’s Financial Conduct Authority: 12% of adults own cryptocurrency; 93% are aware of it.

The group also recommended that the government set up a strategic engagement forum where regulators, government representatives, and industry players could collaborate to ensure well-informed policies and cross-sector synergy.  

“With deep pools of talent, access to capital, world-class academic institutions, and sophisticated regulators, the UK provides an environment where digital assets and blockchain innovation can thrive,” they stated.

They argued that by integrating blockchain and crypto, the UK could generate £57 billion ($73.6 billion) in economic growth within ten years, while the industry could contribute £1.39 trillion ($1.8 trillion) to the global GDP by 2030.  

Responding to the letter on LinkedIn, BitCompli’s co-founder and managing partner, Tom Griffiths, noted that the Financial Conduct Authority “has a lot of talent and a good sight of future plans, but the UK is definitely losing pace with Dubai, Singapore, and other EU jurisdictions.”  

“Now is the time for the FCA to act, or the UK will lose out on this huge opportunity, which is digital assets and all the benefits this sector can bring, not only now but over the next 20 years,” he added.