A petition in the United Kingdom advocating for a pro-innovation strategy in blockchain and stablecoins has gained significant momentum, notably with support from crypto exchange Coinbase. Launched in July by campaigner Harry Pearce Gould, the petition is hosted on the UK government’s official site and calls for a comprehensive regulatory framework to address stablecoins, promote tokenization, and encourage the government’s adoption of blockchain technology. One key proposal is the appointment of a dedicated “blockchain and crypto czar” aimed at overseeing policy in this sector.
Advocates for the petition express concern that without prompt and decisive measures, the UK risks losing its competitive edge in the global financial landscape. They highlight the fundamental role of stablecoins in facilitating a tokenized economy, noting that the United States has recently opted for a stablecoin-driven framework in lieu of a central bank digital currency.
The petition emphasizes the importance of maintaining London’s status as a global hub for trade and finance. It asserts that the future of finance is increasingly digital, with assets becoming tokenized and available for trade around the clock, globally. To capitalize on this trend, the petition urges the establishment of a regulatory environment that is both supportive of stablecoins, including those with interest-bearing models, and capable of anchoring this economic transition.
Gaining additional traction, Coinbase has mobilized its user base to support the initiative by sending in-app messages urging UK customers to sign the petition. Prompts showcased on social media platforms suggest users can “Help the UK lead stablecoin innovation now,” resulting in an upsurge in signatures, which currently stand at over 5,600. Under parliamentary regulations, petitions amassing 10,000 signatures must receive a formal government response, while those exceeding 100,000 signatures by the deadline of March 3, 2026, will be eligible for debate in Parliament.
This petition arrives at a critical juncture as UK policymakers grapple with the country’s positioning in the global digital asset arena. Proponents contend that embracing stablecoins could lay the groundwork for a tokenized economy, while the adoption of blockchain technology by the government could enhance efficiency in public services. The call for a dedicated crypto policy leader stems from the perception that fragmented regulation is hindering progress in the sector.
Coinbase has been vocal about the necessity of regulatory clarity within the UK. Earlier, they released a satirical video entitled “Everything is Fine,” which contrasted cheerful lyrics with stark imagery of inflation and hardship, highlighting perceived issues within Britain’s financial system.
Meanwhile, UK regulators are actively pursuing their own digital asset strategies. In May, the Financial Conduct Authority (FCA) released proposals aimed at regulating stablecoins and crypto custody, marking a significant step toward balanced oversight. These proposed regulations necessitate that token issuers transparently disclose their backing and management practices, while custody providers must demonstrate that customer assets are secure and accessible. The Bank of England is set to oversee stablecoins deemed systemic to the financial system.
Former UK Chancellor George Osborne has also weighed in, warning that Britain risks becoming irrelevant in the competitive landscape for crypto innovation unless substantive action is taken. He criticized the Labour government and the Bank of England for being slow to respond while other jurisdictions like the U.S., EU, and various global financial centers advance legislation regarding digital assets and stablecoins. Osborne likened the current moment to the transformative Big Bang reforms of the 1980s that established London as a financial powerhouse, challenging current government leaders for vague commitments to advancing stablecoin frameworks.
The landscape for the UK crypto sector is changing, with Binance recently announcing the restoration of its complete “Earn” product range for professional investors following regulatory clarifications regarding staking. The exchange indicated that this move reflects the rising demand from sophisticated investors and confidence in the developing regulatory environment.
However, the government is also implementing stricter tax reporting regulations; starting January 1, 2026, crypto firms will be obligated to collect detailed personal information on every transaction under the OECD’s Cryptoasset Reporting Framework, with potential penalties of up to £300 for non-compliance.
As adoption of cryptocurrencies continues to grow, with recent data indicating that 12% of UK adults now own crypto assets, the balance between promoting innovation and enforcing oversight remains a pressing issue.
