The House of Commons recently echoed with a call for increased government attention to blockchain technology, as UK Member of Parliament Natalie Elphicke urged authorities to fully embrace the potential of this transformative innovation. Speaking at an event hosted in the Thames Pavilion, Elphicke stressed the importance of the U.K. taking a leadership role in advancing blockchain technologies.
UK lawmaker urges for more attention on blockchain
In her address, Elphicke underscored the necessity for collaboration between industry stakeholders and policymakers. She emphasized that advancing the understanding and application of blockchain technologies would require a concerted effort from both sectors. The event, organized by the All Party Parliamentary Group on Blockchain Technologies, chaired by Elphicke, provided a crucial platform for discussions surrounding the potential impact of blockchain on various sectors.
Elphicke identified significant promise in the blockchain sector, citing its potential to enhance transparency in global supply chains and its applicability to digital identity and data management. Her call for the UK to match the pace of international regulators reflects the rapidly evolving nature of blockchain technologies globally. Recent developments, such as the unanimous approval of the Deploying American Blockchains Act in the U.S. House of Representatives and Belgium’s efforts to boost European blockchain infrastructure, serve as examples of the global momentum in addressing blockchain-related issues.
Collaborations and the issue of regulation
While the U.K. has expressed its ambitions to become a leading crypto hub, Elphicke emphasized the need for tangible action in terms of blockchain policy. The country is gearing up to regulate the sector in phases, with the introduction of legislation for stablecoins expected early next year. However, a comprehensive timeline for broader blockchain policies in the UK remains uncertain. Elphicke called for collaborative efforts with other nations to navigate the complex and rapidly evolving landscape of blockchain technologies effectively.
Acknowledging the limited progress in blockchain policy, Elphicke outlined the plans of the blockchain APPG for the upcoming year. The group intends to initiate round table discussions and seeks industry input on how the U.K. can leverage skills, opportunities, and diversity within the blockchain space. The reaffirmation of the U.K.‘s ambition to become a crypto hub by Bim Afolami, the country’s economic secretary, aligns with Elphicke’s call for a proactive approach to blockchain technologies.
While the recent passage of a bill facilitating the use of blockchain for transporting trade documents in the UK marks progress, the overarching need for a comprehensive and adaptable blockchain policy framework remains a priority. The event at the House of Commons highlighted the urgent need for the U.K. to fully embrace the potential of blockchain. Elphicke’s advocacy for collaboration, timely regulation, and industry engagement underscores the dynamic and transformative nature of the blockchain landscape.
