Stand With Crypto UK has released a comprehensive document outlining a strategic plan for the UK to establish itself as a global powerhouse in fintech, digital assets, and tokenization. The manifesto, spearheaded by cryptocurrency exchange Coinbase, advocates for clear and effective regulations within the cryptocurrency industry to drive growth and innovation. With a growing base of over 1 million supporters, the alliance is gaining momentum and making its voice heard.
Recently launched in the UK with an event at the House of Commons, Stand With Crypto coincided with Prime Minister Rishi Sunak's election announcement, signaling a pivotal moment for the industry. Coinbase emphasizes the need for the upcoming government to take decisive action in positioning the UK as a leader in digital assets, tokenization, and fintech.
Outlined in the manifesto are key recommendations for achieving this vision. Firstly, there is a call for a strong political stance welcoming fintech, web3, and crypto companies, supported by an industry-government task force. Additionally, swift legislation is proposed to establish a comprehensive regulatory framework for crypto assets, ensuring consumer protection and oversight of stablecoins.
Another crucial suggestion is to regulate staking activities to enable broader retail participation in the crypto space. The manifesto also advocates for highlighting the advantages of decentralization across industries and implementing a robust blockchain strategy led by the Department for Science, Innovation, and Technology (DSIT) to enhance public service efficiency.
Furthermore, the document stresses the importance of developing a tokenization strategy for urban areas and creating a testing environment for tokenized assets. It also recommends updating the legal framework for digital assets to clarify property rights and establish guidelines for crypto collateral.
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