- British trade organizations insisted on the government to act on crypto with a special envoy for growth.
- The global crypto race is increasing, whereby the UK is the risk of lagging behind without clear government actions.
The American crypto landscape under the government of Donald Trump has established a precedent, causing worldwide debates about regulatory strategies.
British trade associations have responded by encouraging Prime Minister Keir Starmer’s office to appoint a dedicated crypto envoy.
UK shifts his focus on digital assets and blockchain
In one letter Written on March 31, six trade organizations in the British Digital Economy Varun Chandra, the business and investment adviser of Prime Minister Starmer. They emphasized the need for a strategic focus on digital assets and blockchain to strengthen the position of the UK.
Referring to the American policy shift and the crypto -tsaar, they emphasized the importance of promoting investments and innovation. The group also emphasized the need to create jobs and to increase trust in the Crypto industry of the UK.
She written”
“With the US, Singapore, VAE and Hong Kong accelerate investments and government support in this space, the VK must remain proactive and competitive to attract companies, talent and capital.”
The coalition emphasized the significant economic potential of the crypto sector, which predicts that the British economy could see a boost of £ 57 billion ($ 73.6 billion) in the next decade.
By 2030 the influence of the industry could even further extend, which is estimated to contribute to the global GDP.
Why is it important for the UK to take this step?
In answer To the letter on LinkedIn, Tom Griffiths, co-founder and managing partner of Bitcompli, a crypto-compliance consultancy firm, noticed,
“The Financial Conduct Authority has a lot of talent and a good view of plans, but the UK loses absolutely pace with Dubai, Singapore and other EU right areas.”
He added,
“This is the time for the FCA to act or the UK will lose this enormous opportunity, which are digital assets and all the benefits that this sector can offer, not only now but in the next 20 years.”
Despite the growing recognition of digital assets, the British government still has to take decisive action in designating cryptocurrency as a strategic sector.
While initiatives such as the proposal for a digital currency of the central bank and efforts to integrate blockchain into financial services, market leaders emphasize the need for more substantial steps.
Other countries and their position on crypto
This is in contrast with the US that occur with their strategic bitcoin [BTC] Reserve plan, influenced by former President Trump.
But not all countries follow the example, With nations such as Russia, South Korea and Japan that express caution.
Russia has proposed to prohibit cryptocurrency settlements outside the experimental legal regime to tighten control of digital transactions.
In the meantime, South Korea and Japan remain doubtful about adding Bitcoin to their foreign exchange reserves, which shows careful resistance.
Likewise, Switzerland and the European Central Bank have retained a cautious approach to the role of Bitcoin in the national reserves.
