crypto strategy

Innovate Finance calls on the government to support the crypto-asset industry

The UK needs to establish a joint strategy between government, regulators and the legal system if it is to be a global leader in the crypto sector, according to a report by Innovate Finance.

In a document produced by the industry body with Shearman & Sterling for the House of Commons Treasury Committee inquiry into the crypto-asset industry, Innovate Finance claims that the application of digital assets and the digitization in financial systems and services will create significant, real value and benefits.

“There is an opportunity for the UK to benefit from this economic and social value, both domestically and globally,” the document said, adding that the country’s position in global finance will be determined in part by its approach to the emerging sector.

This year, Singapore overtook the UK as the second largest destination for investment in DLT and crypto-asset based businesses.

To fight back and secure its place at the top, the country must have a joint strategy between the government, regulators and the legal system that is aware of the potential benefits as well as the risks of crypto-technologies, and clarifies the businesses and consumers who interact with them, says the newspaper.

There must also be an ongoing review of UK laws and regulations to ensure they provide the basis for recognition of digital assets and digital transactions, as well as improving responsiveness and service levels. UK regulators in their handling of applications for new businesses in the sector.

Separately, Ousmène Jacques Mandeng, Visiting Fellow at LSE and Blockchain Advisor at Accenture, called for the launch of a CBDC and the issuance of blockchain-based gilts to support the competitiveness of the City of London.

He writes: “The bank introducing a wholesale CBDC and the Treasury announcing that a significant portion of gilts will be issued on the blockchain could be catalysts for the adoption of blockchain-based financial applications. inch that the market needs because the benefits will likely go far beyond the City.

Read the Innovate Finance article:Download document now 851.4 kb (Chrome HTML document)

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