New Alliance in UK to Protect Crypto Industry
2023.01.11 15:50
New Alliance in UK to Protect Crypto Industry
By Tiffany Smith
Budrigannews.com – According to a statement released by the five members, the City of London and a variety of trade associations have formed the UK Forum for Digital Currencies, an alliance that will advocate for “better policies, practice, and regulation around digital currencies.”
The Digital Pound Foundation, the Payments Association, CityUK, and UK Finance are among the forum’s members in addition to the City of London Corporation, the city’s municipal governing body. The final three are national professional and financial advocacy groups that have previously been involved in crypto research and advocacy.
Members of the forum will work together to develop a comprehensive response to cryptosphere developments. The central bank’s digital currency and “the regulatory approach to stablecoins and other variable value cryptoassets” are specifically mentioned in the statement. It said in the statement:
“The group will try to make it possible for innovators to grow in a safe and secure environment and get international investment into the UK.” Through education and the capacity to advocate for appropriate policy and proportionate regulation, the group will aim to reduce both actual and perceived risks.
To enhance mutual understanding between the crypto industry and the UK financial services industry, the group will endeavor to “align the associations’ education programs and policy advocacy with the UK’s regulatory framework.” “The development of common terminology that embraces existing definitions used in the sector into a single lexicon” will also be a part of the mission of the new forum.
The UK Industry Digital Currencies Coordination Group was established in June by UK Finance, the Payments Association, and the Digital Pound Foundation. The objectives of that organization and the UK Forum for Digital Currencies were comparable.
Together with the City of London Corporation, The Payments Association, TheCityUK, and UK Finance, we are extremely proud to be one of the five organizations that have joined forces to form the UK Forum for Digital Currencies (UK FDC).
In advocating for the cryptocurrency industry, the UK Forum for Digital Currencies joined CryptoUK and the British Blockchain Association. CryptoUK has close to 150 community, business, and institutional members, according to its website. Universities, blockchain associations, and other interested groups from all over the world are members of the British Blockchain Association, which has an international focus.
