UK legislator sees blockchain potential; asks the government to do more

December 15, 2023 07:48 AM PST | By Invezz

UK legislator sees blockchain potential; asks the government to do more — Image source: Invezz

Lukewarm approach to digital assets and blockchain

Elphicke’s reiterations challenge the UK’s slow and cautious approach toward crypto assets and blockchain. Her sentiments are echoed by the UK’s new economic secretary, Bim Afolami. In his recent comments, Afolami challenged the UK regulators to permit more risk-taking in innovative technologies, saying the country has done little on blockchain policy.

Lately, the UK’s Financial Conduct Authority (FCA) announced a phased imposition of crypto rules starting in early 2024. The rules cover fiat-backed stablecoins, algorithmic stablecoins, lending, and trading. They also give guidance on security tokens, non-fungible tokens (NFTs), and Decentralised Finance (DeFi).

In its next steps, APPG will initiate round table discussions and engage the industry in blockchain developments in the country. That includes gathering feedback on how the UK can harness opportunities, skills, and diversity to spur blockchain in the country.

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