Stand With Crypto UK Unveils Manifesto for Boosting UK's Fintech and Crypto Sector

Twitter icon  •  Published 4 weeks ago  •  Nikolas Sargeant

Stand with Crypto, a UK organization, has unveiled a manifesto calling for a comprehensive regulatory framework and government strategy to establish the country as a global leader in fintech, digital assets, and decentralization.

Driving Regulatory Clarity and Framework for Crypto Assets

The manifesto emphasizes the need for a clear regulatory framework for crypto assets, advocating for swift legislation based on the principle of "same risk, same regulatory outcome" to protect consumers and raise industry standards. A key aspect of this framework is the regulation of fiat-backed stablecoins, with the manifesto suggesting British legislation to create a mixed payments ecosystem, fostering competition by allowing stablecoins to compete with other forms of digital money.

Additionally, the manifesto highlights the importance of regulatory clarity on staking, the consensus mechanism for proof-of-stake blockchains. Stand with Crypto calls for secondary legislation to recognize staking as a regulated activity and ensure retail participation.

Promoting Government Strategy for Decentralization and Web3 Adoption

The manifesto emphasizes the need for a coordinated government approach to understand and promote the unique characteristics of decentralization. Stand with Crypto states, "Decentralized networks represent more than a financial breakthrough. They hold the promise to revolutionize every facet of our economy, from education and healthcare to energy, telecommunications, creative industries, and social media."

To ensure the success of the UK as a web3 hub, the organization proposes implementing blockchain across various sectors such as education, healthcare, environment, and business supply chains. This strategy, to be spearheaded by the Department for Science, Innovation and Technology (DSIT), targets the improvement of public service efficiency and positions the UK at the forefront of technological innovation globally.

Next article Pixelverse Completes a $7.5M Private Funding Round After Raising an Additional $2M

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.