Today five associations announced the formation of the UK Forum of Digital Currencies (UK FDC). The alliance aims to promote innovation and help develop policy and regulation around digital currencies. Ultimately it wants to defend the UK’s position in the fintech world when it comes to digital assets.
The five associations are the City of London Corporation, Digital Pound Foundation, The Payments Association, TheCityUK and UK Finance.
It plans to:
- create a supportive environment for digital asset innovators, including attracting foreign investment
- develop a bridge between incumbent financial services and crypto startups
- address actual and perceived risks through education
- lobby the government over policy and regulation
Together they plan to aggregate the existing definitions used in the crypto-asset sector to create a common terminology.
Meanwhile, yesterday during a UK Treasury Select Committee hearing, the Treasury shared its regulatory roadmap for the crypto-asset and DLT sectors and outlined thoughts on a wholesale stablecoin.
