Share this article
FinTech Manifesto: Government Should Make UK Bitcoin-Friendly
Startups and VCs have backed a new manifesto outlining a number of bitcoin-friendly recommendations for the UK's FinTech industry.
Updated Sep 11, 2021, 11:08 a.m. Published Sep 3, 2014, 1:11 p.m.
More than 150 startups and venture capitalists have backed a new manifesto outlining a number of recommendations for the UK's FinTech industry that include bitcoin-friendly legislation.
The 'Startup Manifesto’, as it is called, was published by the Coalition for a Digital Economy (Coadec) this week, and was authored by Guy Levin, the coalition's executive director. Notable investment firms backing the proposal include Index Ventures, King and Seedcamp.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Coadec is sponsored by Google, Intuit, TechHub and iHorizon.
FinTech recommendations
The document urges the British government to enact a number of new laws and adopt several business-friendly policies, ranging from tax cuts to visa reforms, but much of the focus is on the financial technology industry.
The manifesto notes that the government has already made adopted a number of policies designed to foster innovation, citing Project Innovate as an example.
Notably, however, another of the FinTech recommendations is for the creation of a new legal framework for digital currencies:
“The next government should continue this support, including reviewing the major barriers around fintech innovation. This should include looking at the regulation of cryptocurrencies such as bitcoin. HMRC should take the lead in being one of the first tax authorities to establish a framework relating to tax, VAT and other compliance requirements related to cryptocurrency.”
Other measures that could potentially affect bitcoin in Britain involve a proposed review of anti-money laundering (AML) and know your customer (KYC) rules. The manifesto suggests Britain should discard analogue identity technology and move to a new digital system for documents such as birth certificates, exam and degree certificates, driving licences and other documents.
“Moving towards secure online identity assurance will unlock innovation for startups. For example, FinTech companies who are required to conduct Anti-Money laundering (AML) and Know Your Customer (KYC) checks on their users would benefit from using digital identity checks,” the manifesto states.
Government support
The government is already working with five identity providers to create a new system for identity assurance for government services. Coadec argues digitalisation should be expanded beyond government services, as it would help all businesses, but startups in particular.
Last month saw the launch of a new initiative designed to support innovation in the financial sector in the UK. Innovate Finance aims to establish the country as a market leader in the FinTech sector.
The high-profile launch was attended by Chancellor George Osbourne who used the opportunity to buy some bitcoin on a Robocoin ATM.
is another example of Britain’s eagerness to foster innovation in FinTech. The initiative was announced by the Financial Conduct Authority last June. The regulator said it wants to ensure innovative developments like bitcoin are supported by Britain’s regulatory environment.
London Image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Strategy shares register first six-month losing streak since adoption of bitcoin strategy in 2020
Crypto analyst Chris Millas has highlighted an unusually persistent slump in Strategy shares, breaking with past drawdown patterns even as the firm continued accumulating bitcoin.
What to know:
- Strategy shares fell in each of the final six months of 2025, marking the first time since the firm adopted bitcoin in August 2020 as a treasury reserve asset.
- The decline stands out for its persistence, as past selloffs were often followed by sharp rebounds.
- The stock sharply underperformed both bitcoin and the Nasdaq 100 despite the firm's continued BTC purchases.
Top Stories
