Let’s Go for British Stablecoin Leadership

This pledge has been organised by Innovate Finance and its Digital Pound Foundation, the trade association for the FinTech and digital assets community in the United Kingdom.

We, the undersigned, believe now is the time for Britain to seize the opportunity for stablecoins to:

• Boost British business: By cutting the cost of import/export payments and cross-border transfers for businesses large and small, reducing trade risk and improving cash flow through automated payments, stablecoins can create jobs and growth across the UK.
  
  
• Maintain the City of London as a leading global financial centre: Stablecoins will provide the digital payment needed to support modernisation of the UK’s financial markets, including digital gilts and securities, and enabling the UK to be the leading market outside the US for trade in digital dollars.
   
• Ensure everyone in Britain has access to digital payments: Stablecoins mean cheaper, faster and more secure remittances for those who send money abroad and an opportunity to create financial inclusion with low barrier, accessible digital money.
   
• Futureproof the pound sterling as a top global currency: As we begin this new technological wave, a well-regulated and internationally open GBP stablecoin would strengthen the Pound’s position in tomorrow’s economy, allowing the UK to adapt to new trends rather than cede monetary influence elsewhere.
   

Clarity, consistency, pace and ambition are essential: We need the government, regulators, and the central bank to work in lockstep to deliver a regulatory regime that embraces stablecoin and ends the bias towards the old models of banking and payments . The UK is being left behind whilst others embrace growth and innovation.  

We, therefore, call on:

• The UK Government - Use its powers to compel regulators and relevant bodies to go further and faster to ensure the UK does not fall further behind other jurisdictions
• Bank of England - Align with the government of the day’s economic growth mandate and adopt an open and consistent approach to stablecoins. 
• Financial Conduct Authority - Act with pace to introduce an ambitious roadmap for stablecoin regulation.  
• HM Revenue and Customs - Amend the current tax treatment: treat stablecoins the same as fiat currency and stop taxing them as investment assets.

Now is the time to act with urgency and unity to deliver a clear, forward-looking regulatory framework for stablecoins in the UK that: