Stand With Crypto UK Unveils Manifesto For Fintech Community

CryptoNews.com

2024-06-13 21:48:32

Abstract generation in progress

Hongji Feng

Last updated:

June 14, 2024 01:48 EDT | 1 min read

Stand with Crypto has published a manifesto, calling for a comprehensive regulatory framework for the blockchain industry in the UK.

According to an announcement posted by the organization, Stand with Crypto aims to establish the UK as a global leader in fintech, digital assets, and tokenization. The manifesto outlines recommendations for the next government to promote innovation of a digital economy.

Every movement needs a Manifesto ✍️

Today @Keir_Starmer published Labour’s Manifesto for Government. Also today, Stand with Crypto in the UK announces its own manifesto.

Last month’s @HouseofCommons event marked another crucial step in our Stand With Crypto UK launch, and it… pic.twitter.com/oYH0N5uOIR

— Stand With Crypto UK🛡️🇬🇧 (@StandWCrypto_UK) June 13, 2024

Driving Regulatory Framework and Clarity in UK

To promote the country as the crypto hub, the manifesto recommended creating a joint industry-government task force to identify opportunities and strategies for fostering productivity and growth in the community.

The statement emphasized the need for a comprehensive regulatory framework for crypto assets. The manifesto advocated 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. The manifesto suggested British legislation to create a mixed payments eco, fostering competition by allowing stablecoins to compete with other forms of digital money.

It also highlighted the importance of regulatory clarity on staking, the consensus mechanism for proof-of-stake blockchains. Stand with Crypto called for secondary legislation to recognize staking as a regulated activity and ensure retail participation.

Promoting Government Strategy for Decentralization

“The Government should undertake detailed policy work to understand the unique characteristics of decentralisation,” the manifesto reads.

“Decentralised networks represent more than a financial breakthrough,” stated the organization. “They hold the promise to revolutionise every facet of our economy, from education and healthcare to energy, telecommunications, creative industries, and social media.”

To ensure the success of the web3 hub, the organization proposed a coordinated government approach. It demonstrated the need to implement 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. By adopting blockchain, the UK can position itself at the forefront of technological innovation globally.

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