Deliver a strong political message that the UK is open for business for fintech, Web3 and crypto asset firms, and establish a joint industry-Government taskforce to foster dialogue, to identify opportunities and steps that can be taken to position the UK at the forefront of this technological revolution.

Move at speed to legislate for the broader regulatory framework for crypto assets - based on the principle “same risk, same regulatory outcome” - to protect consumers, raise standards across the industry and give firms the confidence to invest and grow in the UK. Further, lay legislation to regulate fiat backed stablecoins that delivers a mixed payments ecosystem and greater competition in the payments space (by allowing stablecoins to compete with other forms of digital money).

As a matter of priority, lay secondary legislation that recognises staking as a new regulated activity and preserves retail participation, which is critical to proof of stake blockchains and all the innovation taking place on top of them towards web3.

The Government should undertake detailed policy work to understand the unique characteristics of decentralisation. Decentralised networks represent more than a financial breakthrough; they hold the promise to revolutionise every facet of our economy, from education and healthcare to energy, telecommunications, creative industries, and social media. As we enter the era of web3, this technology will enable a more decentralised and community-driven internet.

The UK should recognise the transformative potential of new technologies across all Government departments and sectors of society (education, health, environment, businesses and supply chain). A smart cross- Government embrace of blockchain, led by the Department for Science, Innovation and Technology (DSIT), will drive efficiency gains across all public services, and put the UK ahead of all other jurisdictions.

Deliver a strategy for the City that puts tokenisation at its heart, which includes overturning the UK’s prohibition on retail access to crypto Exchange Traded Notes (ETNs). The UK is delivering its digital services sandbox (DSS) for the treatment of security tokens to provide a safe space for innovation outside traditional financial markets rules. The UK should also provide a sandbox environment for all actors (banks, exchanges, tech firms) to trial new ways to tokenise real world assets, beyond securities.

Make important changes to the UK legal framework based on the Law Commission recommendations to reflect tech developments (ie delivering certainty on digital property rights and a crypto collateral regime).