The London Blockchain Conference 2024 offered a powerful platform to explore how the U.K. can position itself as a global leader in blockchain and digital finance. A standout moment was an expert panel on “Charting the Future of Blockchain in the U.K.,” moderated by Prof. Naseem Naqvi, founder and president of the British Blockchain Association.
This thought-provoking session brought together high-level voices in policy, finance, and innovation:
Unlocking Blockchain’s Potential Beyond Currency
Opening the discussion, Professor Naqvi invited panellists to explore how blockchain in finance could deliver far more than digital currencies. Kiernan spoke to the U.K.’s advantages as a technology hub, from its common law system to its concentration of financial expertise.
He emphasised that blockchain innovation must be underpinned by robust industry education, standards, and regulation. Among his key examples were stablecoins, which he described as transformative tools for cross-border transactions. These digital assets promise significant cost reductions and enhanced transparency across industries. Kiernan also mentioned the possibility of applying blockchain to digitise land registries, increasing efficiency and trust in legacy systems – though success will demand industry-wide collaboration and clarity in standards.
Banking Barriers: The Startup Struggle
The discussion turned to some of the challenges facing blockchain and Web3 startups in the U.K. Foster offered insights drawn from a recent Startup Coalition survey, revealing a worrying trend:
“We ran a survey of 50 blockchain and Web3 startups asking about their issues with accessing banking. All of them had trouble. All of them were on, at least, a second bank account because one had been closed.”
This widespread difficulty in securing stable banking relationships remains a major barrier to adoption, limiting access to funding and stifling growth. Kiernan echoed this concern, noting that blockchain technology is production-ready, but uptake is limited by a lack of corporate engagement and the absence of ‘unicorn’ Web3 firms in the U.K. market.
UK Regulation: Ambition Versus Reality;
Dr Cameron addressed how the U.K. Parliament is working to close the gap between regulatory ambition and industry reality. She highlighted the government’s vision for a “Digital Britain,” and reaffirmed political support for becoming a global hub for digital assets.
The All-Party Parliamentary Group (APPG) for Digital Assets and Cryptocurrency, which she chairs, is pushing for practical changes – including easing Financial Conduct Authority (FCA) registration processes and improving bank access for crypto-related businesses. She also stressed the importance of digital literacy and workforce upskilling to ensure the U.K. can meet the demands of a rapidly evolving financial ecosystem.
Despite strong political support from the Prime Minister and other senior leaders, Cameron acknowledged that inconsistencies in regulatory actions could send mixed signals to industry stakeholders.
The Path Forward: Creating a Blockchain-Friendly Ecosystem
Foster made a compelling case for greater transparency and accountability from U.K. banks. Drawing comparisons with France and Hong Kong, where banks are mandated to provide accounts to digital businesses, he argued for clearer frameworks.
He also advocated for tailoured regulation to reflect the varied nature of Web3 projects. Differentiating between decentralised protocols and traditional business models, he suggested, would allow for more appropriate oversight without stifling innovation.
These themes echoed the sentiment from the London Blockchain Finance Summit, which underscored the urgency of designing adap
