In an urgent plea to the UK government, several trade associations have formally requested that Prime Minister Keir Starmer appoint a dedicated special envoy for cryptocurrency. This coalition, consisting of six notable UK digital economy organizations, emphasizes the need for a comprehensive action plan focused on digital assets and blockchain technology in order to foster economic growth and innovation.
In a letter addressed to Varun Chandra, Starmer’s special adviser on business and investment, the group outlined the potential economic benefits of aligning government strategies with those of the United States. They highlighted a key moment under President Trump when a ‘crypto czar’ was appointed, advocating for a similar role in the UK to enhance policy coordination and promote the country’s competitiveness in the global crypto market.
The recommendations from the coalition include the necessity of establishing a dedicated government action plan for blockchain. This initiative should encompass not only a strategic roadmap for crypto adoption but also a concierge service aimed at attracting high-potential tech firms. As stated in their letter, the UK is positioned advantageously with its wealth of talent, significant access to capital, and world-class academic institutions. These factors can substantially enable the proliferation of blockchain innovation.
Moreover, the coalition proposed that the UK government recognize and capitalize on synergies between blockchain and other cutting-edge technologies such as quantum computing and artificial intelligence. An organized forum for engagement between government representatives, industry leaders, and regulatory bodies was recommended to facilitate informed decision-making.
According to the coalition’s estimates, if effectively harnessed, the crypto and blockchain sector could inject an astonishing £57 billion ($73.6 billion) into the UK economy over the next decade. Even more compelling is their projection that this transformative technology could contribute £1.39 trillion ($1.8 trillion) to global GDP by the year 2030. Industry experts, like Tom Griffiths of BitCompli, have echoed this sentiment, emphasizing that the UK’s regulatory body, the Financial Conduct Authority (FCA), must take decisive action to maintain its competitive edge against notable jurisdictions like Dubai and Singapore.
Ultimately, this coalition believes that there is a critical window for the UK to embrace the evolving digital landscape. The adoption of proactive policies in cryptocurrency could not only benefit the UK economy but also cement its position as a leader in financial technology innovation, paving the way for sustained growth over the next 20 years.
