UK trade body coalition calls on government to prioritise crypto and blockchain policy
A coalition of leading trade bodies in the UK’s digital economy has called on the government to step up support for blockchain technology and digital assets. In a letter to the Prime Minister’s special adviser on business and investment, the coalition proposes appointing a dedicated envoy and developing a concrete action plan to maintain the country’s competitiveness in the sector.
The coalition notes that recent geopolitical events, such as the re-election of President Donald Trump, have accelerated a global digital race. Countries such as Singapore, the UAE and Hong Kong have rolled out national strategies to attract blockchain businesses, and the UK needs to be agile and proactive to avoid being left behind.
In the letter, the group proposes appointing a blockchain envoy, similar to the US “crypto czar”, to coordinate policy, promote innovation and act as a global ambassador for the UK. They argue that such a move would demonstrate a serious commitment to international investors and help maintain the country’s leading position in the blockchain sector.
The coalition also calls on the government to launch a dedicated ‘Government Action Plan’ for blockchain and cryptocurrency. This includes identifying key growth areas, providing public sector support and creating a support service to help high-potential startups scale in the UK.
Furthermore, the groups stress the need to recognise the growing convergence between blockchain, AI and quantum computing. The alliance argues that harnessing the combined power of these technologies could unlock major advances in transparency, productivity and decentralisation across industries.
To support smart regulation, the letter recommends the establishment of a high-level forum between industry, government and regulators. This would ensure cross-party collaboration, informed policymaking and a more progressive approach to blockchain development.
The alliance argues that with its deep talent pool, access to capital, world-class academic institutions and sophisticated regulators, the UK has the ideal environment for blockchain innovation to flourish. They cite research from PwC and Chainalysis, which estimates that blockchain could boost the national economy by £57 billion over the next decade and contribute to £1.39 trillion of global GDP by 2030.
