Join forces with Crypto UK has released a groundbreaking manifesto aimed at the fintech community, outlining the need for a robust regulatory framework for the blockchain industry in the UK.
The manifesto, unveiled by the organization in a recent announcement, seeks to position the UK as a pioneer in fintech, digital assets, and tokenization. It provides a set of recommendations for the upcoming government to drive innovation in the digital economy.
The manifesto emphasizes the importance of establishing a regulatory framework that supports the growth of the crypto community in the UK. To achieve this goal, it suggests the creation of a collaborative industry-government task force to identify opportunities and strategies for enhancing productivity and development in the sector.
One of the key recommendations in the manifesto is the implementation of comprehensive regulations for crypto assets. It advocates for the swift enactment of legislation based on the principle of “same risk, same regulatory outcome” to safeguard consumers and elevate industry standards.
Furthermore, the manifesto calls for regulations on fiat-backed stablecoins to create a diverse payments ecosystem that fosters competition among various forms of digital currency. It also stresses the necessity of regulatory clarity on staking, a consensus mechanism for proof-of-stake blockchains, proposing secondary legislation to legitimize staking as a regulated activity and ensure retail participation.
In its push for decentralization, the manifesto urges the government to delve into the unique qualities of decentralized networks. It asserts that these networks have the potential to revolutionize multiple sectors of the economy, including education, healthcare, energy, telecommunications, creative industries, and social media.
To support the growth of the web3 hub, the manifesto recommends a coordinated government strategy that integrates blockchain technology across different sectors like 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.
For more updates, follow us on Google News.
