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

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.