The City of London has teamed up with various trade associations to form the UK Forum for Digital Currencies, an alliance that can advocate for “higher digital currency policy, practice and regulation”, based on a press release released by five members.
In addition to the City of London Corporation, town’s governing body, members of the forum include the Digital Pound Foundation, the Payments Association, CityUK and UK Finance. The latter three organizations are national financial and skilled advocacy groups which have previously been involved in crypto research and advocacy.
Forum members will work together on an industry-wide response to developments within the cryptosphere. The statement specifically listed the central bank’s digital currency and the “regulatory approach to stablecoins and other volatile crypto-assets” as its remit. The statement said:
“The group will strive to supply a protected environment for innovators to thrive and attract international investment to the UK. […] The group will seek to mitigate real risks and mitigate perceived risks through education and the power to advocate for appropriate policies and proportionate regulation.”
The group will seek to “bring association education and political advocacy programs in step with the UK regulatory framework” to extend mutual understanding between the UK financial services industry and the crypto industry. Part of the brand new forum’s mission may also be “the event of a typical terminology that integrates existing definitions utilized in the sector right into a single lexicon.”
Related: Major crypto firms and groups form coalition to advertise ‘market integrity’
The Digital Pound Foundation, the Payments Association and UK Finance formed the UK Industry Digital Currency Coordination Group in June. This association had similar goals to the British Forum for Digital Currencies.
We are extremely proud to be one in all five associations which have joined forces to form the UK Forum for Digital Currencies (UK FDC), together with the City of London Corporation, The Payments Association, TheCityUK and UK Finance https://t.co/3Ly3g9aIfb
…#Great Britain #Digital Pound pic.twitter.com/NVHVyVul36
— Pound Digital Foundation (@digitalpoundfdn) January 11, 2023
The UK Forum for Digital Currencies has joined CryptoUK and the British Blockchain Association in defending the crypto industry. According to the CryptoUK website, it has near 150 community, business and institutional members. The UK Blockchain Association is international in scope, with members from universities, blockchain associations and other interested groups around the globe.