Stand With Crypto, an advocacy group initiated by Coinbase, has unveiled a comprehensive manifesto outlining seven key policy recommendations aimed at influencing cryptocurrency regulation in the UK, just weeks before the upcoming general election scheduled for July 4th.

The initiative was formally introduced in London at an event hosted at the House of Commons by former Chancellor of the Exchequer George Osborne. This launch coincided strategically with Prime Minister Rishi Sunak's decision to call for an earlier election. Stand With Crypto UK seeks to shape the stance of the next government towards digital assets and blockchain technology amidst ongoing political developments.

In its manifesto released on Thursday, the group urged the incoming administration to position the UK as a global leader in Web3 technologies and tokenization. This includes establishing a collaborative task force between industry and government to identify strategic opportunities for growth and innovation in the digital economy.

Key recommendations from Stand With Crypto UK include:

1. Legislation for Crypto Assets: Swift implementation of regulatory frameworks to govern crypto assets, ensuring equitable standards to protect consumers and promote industry expansion.

2. Regulation of Stablecoins: Advocacy for regulatory oversight of fiat-backed stablecoins to foster competition within digital payment systems.

3. Recognition of Staking: Formal recognition of staking as a regulated activity to support proof-of-stake blockchains and encourage broader retail participation.

4. Decentralization Initiatives: Promotion of blockchain technology across sectors such as education, healthcare, and telecommunications, with proposals for government adoption and integration led by the Department for Science, Innovation, and Technology.

5. Tokenization in Finance: Development of a strategy to integrate tokenization into the financial sector, including removing barriers for retail access to crypto exchange-traded notes (ETNs) and establishing a sandbox environment for asset tokenization experimentation.

6. Legal Frameworks: Updating legal frameworks to reflect technological advancements, ensuring clear digital property rights and establishing a crypto collateral regime aligned with recommendations from the Law Commission.

Stand With Crypto UK emphasized that positioning the UK as a leading hub for fintech, digital assets, and tokenization presents an opportunity for attracting investment, fostering innovation, and driving economic growth under the next government.

While major UK political parties have not prominently featured crypto policies in their 2024 manifestos, Stand With Crypto's advocacy efforts stand in contrast to the increasing integration of crypto issues in US political campaigns. The evolving regulatory landscape in the UK, including recent developments such as the introduction of crypto ETNs on the London Stock Exchange and ongoing legislative efforts around stablecoins and staking, underscores the pivotal role of the upcoming elections in shaping the future of digital finance in the country.