Industry Coalition Urges Government to Prioritize Digital Assets for Economic Growth
A coalition of six major UK digital economy trade associations is urging the government to take bold steps in supporting the cryptocurrency and blockchain sector. In a letter dated March 31, addressed to Varun Chandra, the Prime Minister’s special adviser on business and investment, the group called for the appointment of a dedicated blockchain envoy and the creation of a comprehensive government strategy.
The coalition includes:
- UK Cryptoasset Business Council
- Global Digital Finance
- The Payments Association
- Digital Currencies Governance Group
- Crypto Council for Innovation
- techUK
Their message is clear: the UK must act now to stay globally competitive and unlock the full economic potential of digital assets.
Four Key Recommendations from the Industry
The trade groups outlined specific steps the government should take to strengthen the UK’s leadership in crypto and blockchain innovation:
- Appoint a Blockchain Special Envoy: This role would coordinate national policy, promote innovation, and strengthen the UK’s global influence in digital finance.
- Develop a National Action Plan: A structured government roadmap would help accelerate adoption of blockchain and digital assets, including a “concierge service” to attract top-tier crypto firms.
- Recognize Emerging Tech Synergies: The coalition stressed the importance of integrating blockchain with other transformative technologies like quantum computing and AI to modernize public services.
- Establish a Tri-sector Forum: A regular forum between industry, government, and regulators would ensure more informed, agile policymaking and better cross-sector collaboration.
Crypto’s Economic Impact Could Be Game-Changing
According to the coalition, effectively supporting the sector could inject up to £57 billion into the UK economy over the next decade. On a global scale, the industry could contribute an estimated £1.39 trillion to GDP by 2030.
They also pointed to the United States as a model, noting the appointment of a “crypto czar” under President Donald Trump as an example of forward-looking policy.
Government Signals Support Amid Calls for Clarity
Following the Labour Party’s recent landslide win, crypto advocates have renewed calls for consistent, supportive regulation. In response, the UK government appears poised to act. Economic Secretary to the Treasury Tulip Siddiq announced upcoming legislation to regulate stablecoins and crypto activities, with industry consultation planned for early 2025.
As the UK redefines its role in the global digital economy, collaboration between policymakers and the crypto industry will be critical. The goal: to strike the right balance between innovation, regulation, and consumer protection—keeping the UK at the forefront of the blockchain revolution.
