Stand With Crypto, an advocacy group initiated by Coinbase, has unveiled seven critical policy recommendations for the UK in anticipation of the upcoming general election on July 4. These recommendations aim to position the UK as a global leader in web3 technologies and tokenization, driving innovation and growth in the crypto sector through strategic policy changes.
Stand With Crypto UK was officially launched in May at a significant event held at the House of Commons, organized by the group’s adviser, former Chancellor of the Exchequer George Osborne. The event took place shortly before Conservative Prime Minister Rishi Sunak announced the earlier-than-expected election.
Stand With Crypto UK calls on the next government to establish the UK as a leader in web3 technologies by forming a joint industry-government task force to identify and exploit opportunities. The group advocates for rapid legislative action on crypto assets, adhering to the principle of “same risk, same regulatory outcome.” This includes regulating fiat-backed stablecoins to boost competition in digital payments while ensuring consumer protection.
The group highlights the importance of recognizing staking as a regulated activity, ensuring retail participation which is crucial for the innovation and functionality of proof-of-stake blockchains. The government should investigate the advantages of decentralization across various sectors such as education, healthcare, and telecommunications. All government departments should be encouraged to adopt blockchain technology for increased efficiency and innovation, led by the Department for Science, Innovation, and Technology.
Developing a comprehensive strategy for integrating tokenization into the financial sector is essential. This includes removing restrictions on retail access to crypto exchange-traded notes and providing a sandbox environment for experimenting with real-world asset tokenization. Stand With Crypto UK calls for updates to UK legal frameworks to reflect technological advancements, ensuring clear digital property rights and establishing a crypto collateral regime based on the Law Commission’s recommendations.
The group advocates for the adoption of blockchain technology across public services to drive productivity, economic growth, and job creation throughout the UK.
“The next Government should promote the UK as a world leader in fintech, digital assets, and tokenization to generate investment, innovation, and a more digital economy,” concluded Stand With Crypto UK. “This will drive productivity, growth, and jobs across the UK economy, as well as improvements in the UK’s public services.”
