UK Trade Associations Advocate for Crypto and Distributed database Legislation to Enhance Economic Expansion, Forecasting a £57 Billion Increase Over Ten Years.
A consortium of six key trade organizations in the UK has requested that the government make crypto and distributed record technology policies a top priority to remain competitive in the swiftly evolving global digital economy.
On 31 March 2025, the UK Cryptoasset Business Council, techUK, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, and the Crypto Council for Innovation collectively sent a letter to Varun Chandra, the Prime Minister’s special advisor on business and investments.
Furthermore, the coalition highlighted the urgent need for a unified strategy to keep the UK competitive in the worldwide digital arena while also advocating for enhanced strategic alignment and focus to boost investment, growth, and employment in the UK’s digital asset industry.
They also pointed to the regulatory changes in the US regarding crypto and the appointment of a crypto czar during President Trump’s administration, recommending that the UK appoint a distributed record special envoy, akin to the US’s crypto czar, to promote innovation in the UK and ensure the nation holds a competitive edge in the global digital market.
A coalition of leading UK trade associations has urged Prime Minister Keir Starmer’s administration to appoint a dedicated crypto envoy.
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In addition, the group warned that a global digital competition is currently in progress and contended that the UK must maintain adaptability; otherwise, it risks lagging behind nations like Singapore, the UAE, and Hong Kong, which have already implemented strategies to draw in distributed database firms.
Britain’s pursuit of a trade agreement centered on technological strategic alliance with the US “offers a considerable opportunity to emulate the United States’ ambition in cultivating leadership in blockchain, digital assets, and other emerging financial technologies,” the letter asserted.
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The UK Could Contribute to Crypto £1.39 Trillion Global GDP by 2030.
A focused governmental initiative for distributed ledger and crypto is deemed essential by the coalition. Such a plan would encompass identifying key growth sectors, enhancing public sector base level, and assisting startups in scaling within the UK through concierge-like services.
Importantly, the group emphasized the need to address the increasing convergence of AI, distributed database, and quantum computing. Effectively harnessing the synergy of these three technologies could unlock significant advancements in transparency, productivity, and decentralization across various sectors in the UK.
The coalition also noted that the UK’s “abundant talent, access to capital, top-tier academic institutions, and sophisticated regulators” create an environment conducive to “blockchain innovation flourishing.”
According to research by PwC and Chainanalysis, the coalition estimates that distributed ledger technology could bolster the national economy by $57 billion over the next decade while also contributing £1.39 trillion to the global GDP by 2030.
Finally, the letter suggested creating a high-level forum with industry leaders, government officials, and regulators to facilitate intelligent regulations. The coalition posited that this method would promote cross-sector strategic alliance and inform policy-making to develop a forward-thinking perspective on distributed record advancements.
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Key Takeaways
- The coalition advocates the appointment of a Distributed record Special Envoy and the establishment of an industry-government forum.
- The distributed record sector could inject £57 billion into the UK economy over the following decade.
- The global distributed record market is projected to reach £1.39 trillion by 2030, underscoring its economic promise.
The post UK Trade Bodies Seek Crypto and Blockchain Policy for Economic Growth, Project a £57 Billion Boost Over a Decade. appeared first on 99Bitcoins.
