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

1 views 7:04 am 0 Comments December 19, 2023

UK Member of Parliament Natalie Elphicke has asked the government to do more to take advantage of the blockchain industry. In a London event by the All Party Parliamentary Group (APPG) on Blockchain technology, Elphicke said:

Now, I want to see the UK doing more to harness the power of blockchain technologies, to be that leader, to mark that step change because it’s vital that industry and policymakers work together to advance understanding and the application of the technologies.

Elphicke says the UK has to catch up with its international peers that have made strides in legislation focusing on blockchain technology. The US is one of the countries that have embarked on the blockchain legislative agenda. Its recent bill, the Deploying American Blockchains Act, has received unanimous support in the House. The bill seeks to encourage steps towards making the US a competitive country in terms of blockchain and distributed ledger technologies.

Elphicke believes blockchain has the potential to enhance global supply chain transparency and be deployed for digital identifications. The legislator has called on the UK to collaborate with other countries if it wants to be a market leader in blockchain technologies.

Lukewarm approach to digital assets and blockchain

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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.

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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).

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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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