UK trade bodies urge the government to consider cryptocurrency as a "strategic priority"

The leading trade associations in the UK have called on the office of Prime Minister Keir Starmer to appoint a dedicated envoy for cryptocurrency, while also developing a comprehensive action plan to promote the development of digital assets and blockchain technology.

In a letter dated March 31, a coalition of six trade organizations in the digital economy sector emphasized the need for a strategic focus and close coordination, aimed at boosting investment, economic growth, and job creation in the cryptocurrency industry. The appeal was addressed to the Prime Minister’s special adviser on business and investment, Varun Chandra.

The alliance includes reputable organizations such as the UK Cryptoasset Business Council (, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, Crypto Council for Innovation, and techUK. This group has pointed out the policy changes regarding cryptocurrency in the U.S. under President Donald Trump, particularly the appointment of a dedicated “Czar” for cryptocurrency, as a model worth learning from.

According to the content of the letter, the UK’s commitment to establishing a trade agreement focused on technology collaboration with the US is seen as a significant opportunity for the UK to pursue ambitions similar to those of the US, in order to assert its leadership position in the fields of blockchain, digital assets, and emerging financial technologies.

The alliance has proposed that the UK appoint a dedicated blockchain envoy, with the role of coordinating policy, promoting innovation, and enhancing the country’s competitiveness in the international market. At the same time, they also called for the development of a comprehensive government action plan specifically for cryptocurrencies and blockchain technology, including the implementation of special support services to attract potential businesses.

Organizations emphasize that the government needs to recognize and leverage the commonalities between advanced technologies such as blockchain, quantum computing, and artificial intelligence, especially their applications in public services.

Another recommendation made is to establish a high-level cooperation forum between the industry, government, and regulatory agencies, to ensure that the decision-making process is well-informed and to promote inter-industry cooperation.

![UK trade bodies urge government to regard cryptocurrency as a “strategic priority”])https://img.gateio.im/social/moments-15f378249bd947baafd160d28bf63362(UK technology and cryptocurrency associations are lobbying the government to change its policies. Source: LinkedIn “With a high-quality workforce, access to capital, world-class academic institutions, and a sophisticated management system, the UK has the ideal environment for digital assets and blockchain innovation to thrive,” the alliance stated.

According to the group’s forecast, cryptocurrency and blockchain technology could contribute up to £57 billion )73.6 billion USD( to the UK economy over the next decade, while having the potential to increase global gross domestic product by £1.39 trillion )1.8 trillion USD( by 2030.

Tom Griffiths, co-founder and managing partner of the cryptocurrency compliance consulting firm BitCompli, responded to the letter on LinkedIn, emphasizing that the Financial Conduct Authority )FCA( “has a team of talent and a clear vision for future plans, but the UK is falling behind compared to Dubai, Singapore, and other jurisdictions in the EU.”

“This is the time for the FCA to act. If not, the UK will miss out on a great opportunity from digital assets and the benefits this sector can bring, not only in the present but also in the next 20 years,” Mr. Griffiths emphasized.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We do not take responsibility for your investment decisions.

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