Five UK Organizations Form Crypto to Promote Digital Asset Regulation

Five UK Organizations Form Crypto Alliance for Regulation

Five UK Organizations Form Crypto to Promote Digital Asset Regulation

The five-member alliance consists of the digital pound foundation, CityUK, UK finance, and the City of London. The last three groups have a history of crypto advocacy and analysis. They are national financial and professional advocacy organizations.

The main reason behind the alliance is that crypto is rapidly gaining acceptance and may someday change how people see the money. The UK Forum for Digital Currencies (FDC) highlighted cryptocurrency's growing popularity and the need for the UK to fully capitalize on its potential.

To address changes in the cryptosphere, members of the group's forum will work together to develop a coordinated industry response. The regulatory approach to stablecoins and other variable value crypto-assets, as well as CBDC, are cited as areas of responsibility in the statement.

The goal of the group is to integrate the associations' educational programs and policy support with the UK regulatory framework. To establish a better understanding between the UK's financial services sector and the crypto industry.

The British Blockchain Association, which has a global focus, is made up of universities, blockchain organizations, and other international interested groups.

The Digital Pound Foundation, Payments Association, and UK Finance formed the UK Industry Digital Currencies Coordination Group in June with identical goals to the UK Forum for Digital Currencies.

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