- UK trade associations have urged Prime Minister Keir Starmer to appoint a crypto special envoy and develop a dedicated blockchain action plan.
- The coalition highlights potential economic benefits, estimating crypto and blockchain could boost the UK economy by £57 billion over the next decade.
- Industry experts warn that without swift regulatory action, the UK risks falling behind competing jurisdictions like Dubai, Singapore, and EU countries.
Six British trade associations have called on Prime Minister Keir Starmer’s office to appoint a dedicated crypto envoy and create an action plan for digital assets and blockchain technology. The request came in a March 31 letter addressed to Varun Chandra, Starmer’s special adviser on business and investment, urging for "greater strategic focus" to drive investment and growth in the UK’s crypto industry.
The coalition, which includes the UK Cryptoasset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, Crypto Council for Innovation, and techUK, pointed to recent policy shifts in the United States under President Donald Trump and his appointment of a crypto czar as a model to follow.
Strategic Recommendations for UK Crypto Leadership
In their appeal, the trade bodies emphasized that Britain’s commitment to a technology-focused economic trade deal with the US "presents a significant opportunity to mirror the United States’ ambition in fostering leadership in blockchain, digital assets, and other emerging financial technologies."
The group’s recommendations include appointing a blockchain special envoy to coordinate policy and foster innovation, developing a government action plan with a concierge service for high-potential firms, recognizing connections between blockchain and other emerging technologies, and establishing an industry-government-regulator forum for informed decision-making.
Economic Potential and Industry Response
According to the coalition, crypto and blockchain technology could potentially boost the UK economy by £57 billion ($73.6 billion) over the next decade, contributing to a projected global GDP increase of £1.39 trillion ($1.8 trillion) by 2030.
Tom Griffiths, co-founder of crypto compliance advisory firm BitCompli, responded to the letter on LinkedIn, noting that while the Financial Conduct Authority has talent and vision, "the UK is definitely losing pace with Dubai, Singapore, and other EU jurisdictions."
Griffiths warned that immediate action from the FCA is necessary, stating, "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."
The trade associations highlighted the UK’s existing advantages, including deep talent pools, access to capital, world-class academic institutions, and sophisticated regulators, which create an environment where "digital assets and blockchain innovation can thrive."
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Bybit Shuts Down NFT Marketplace Amid Post-Hack Restructuring
- Bitcoin Struggles Below $89K Despite Trump Tariffs Not Primary Cause
- Bitcoin rallies past $85,000 as traders anticipate milder Trump tariffs
- Chinese AI DeepSeek sparks market panic with low-cost superiority
- USDC Creator Circle Files for IPO, Eyeing NYSE Listing Under “CRCL”
