UK trade bodies urge government to boost blockchain support, ensuring the country's global digital competitiveness - IcoHolder.

A coalition of leading UK digital economy trade organizations has called on lawmakers to provide more robust support for blockchain technology and digital assets in a bid to keep the country competitive on the global stage. On March 31, six prominent trade bodies, including the UK Cryptoasset Business Council, techUK, and the Crypto Council for Innovation, wrote a joint letter to Varun Chandra, the Prime Minister’s special adviser on business and investment, urging the government to adopt a strategic approach to blockchain growth.

The groups emphasized the importance of staying ahead in the rapidly evolving digital landscape, citing the actions of nations such as Singapore, the UAE, and Hong Kong, which have rolled out national strategies to attract blockchain businesses. They warned that the UK must be proactive in its approach or risk falling behind in this global digital race.

In the letter, the coalition proposed the appointment of a blockchain-specific special envoy, akin to the United States’ “crypto czar,” to help coordinate policy, foster innovation, and act as a global ambassador for the UK. The groups argued that such an appointment would demonstrate the government’s commitment to the blockchain sector and encourage international investors.

In addition to the envoy, the coalition called for the development of a dedicated ‘Government Action Plan’ for blockchain and cryptocurrency. This plan would include identifying key growth areas, offering public sector support, and providing a concierge-style service to help promising startups scale in the UK.

The letter also highlighted the need to recognize the synergy between blockchain, artificial intelligence (AI), and quantum computing, and how combining these technologies could drive significant advancements across various industries. To ensure that the UK remains at the forefront of innovation, the groups recommended establishing a high-level industry-government-regulator forum to facilitate collaboration and informed policymaking.

The coalition noted that the UK’s “deep pools of talent, access to capital, world-class academic institutions, and sophisticated regulators” provide an ideal environment for blockchain innovation. Citing research from PwC and Chainalysis, they estimate that blockchain could add £57 billion to the UK economy over the next decade and contribute £1.39 trillion to global GDP by 2030.

This appeal for a strategic focus on blockchain technology underscores the growing importance of the sector in the UK’s digital economy, as well as the need for forward-thinking policies to ensure the country remains a competitive player in the global digital landscape.