TheCityUK has called on the UK to take global leadership in the crypto industry

The United Kingdom has received a formal call from the country’s strongest financial lobby group, TheCityUK, asking the United Kingdom to take global leadership in the crypto industry and its innovation. TheCityUK officially shared the call, “shaping UK regulation for innovation and global leadership,” on its website. However, this is a relatively large issue, as this group is the largest taxpayer in the country, emphasizing that the United Kingdom has a unique opportunity to take the initiative across the crypto-industry. It’s a great idea for us, but we need to act fast.

One of the recommendations in the call even says that regulators should finally recognize the transformation potential of stablecoins as well as digital central bank names (CBDCs), of which there will be more and more. As we have informed you, Indonesia has officially been one of the countries that recently announced the creation of the central bank’s own digital currency. TheCityUK also called on the government to do much more to support ecosystem innovation in business. However, the group also draws attention to the fact that something like this cannot work without a clearly defined legal definition. We are therefore wondering how the United Kingdom will respond to this challenge.