Join us in supporting Crypto UK as they unveil their manifesto for the fintech community. The organization is calling for a robust regulatory framework to be established in the UK for the blockchain industry.
The manifesto aims to position the UK as a leading global hub for fintech, digital assets, and tokenization. It provides recommendations for the next government to drive innovation in the digital economy.
To achieve this goal, the manifesto suggests the creation of a joint industry-government task force to identify opportunities for growth and productivity within the community. It emphasizes the importance of a comprehensive regulatory framework for crypto assets, with legislation based on the principle of “same risk, same regulatory outcome” to protect consumers and elevate industry standards.
One key aspect of the proposed framework is the regulation of fiat-backed stablecoins. The manifesto recommends British legislation to enable a mixed payments ecosystem, encouraging competition by allowing stablecoins to compete with other digital currencies.
Additionally, the manifesto stresses the need for regulatory clarity on staking, a consensus mechanism for proof-of-stake blockchains. It calls for secondary legislation to recognize staking as a regulated activity, ensuring retail participation.
Furthermore, the manifesto highlights the importance of government strategy for decentralization. It proposes detailed policy work to understand the unique characteristics of decentralized networks, which have the potential to revolutionize various sectors of the economy.
To support the success of the web3 hub, the organization suggests a coordinated government approach to implementing blockchain across sectors such as education, healthcare, environment, and business supply chains. This strategy, led by the Department for Science, Innovation and Technology (DSIT), aims to enhance public service efficiency and position the UK as a global leader in technological innovation.
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