Today, five associations announced the formation of the UK Digital Currency Forum (UK FDC). The alliance aims to promote innovation and help develop policies and regulations around digital currencies. Ultimately, he wants to defend the UK’s position in the fintech world when it comes to digital assets.

The five associations are City of London Corporation, Digital Pound Foundation, The Payments Association, TheCityUK and UK Finance.

Plan:

• create a supportive environment for digital asset innovators, including attracting foreign investment
• develop a bridge between established financial services and crypto startups
• address real and perceived risks through education
• Lobby the government on policies and regulations

Together they plan to add 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 and DLT sectors and outlined ideas on a wholesale stablecoin.