Su Carpenter
Executive Director at CryptoUK
How do you see the role of trade associations, like CryptoUK, in educating regulating bodies and the market about crypto?
I believe trade organisations play a fundamental role in educating regulatory bodies and consumers about crypto. At Crypto UK, we represent over 160 members actively involved in the crypto, digital assets, and Web3 ecosystems. We provide an independent voice for the sector and do not approach this work from a commercial perspective. We aim to ensure proportionate and balanced regulation to drive economic growth in the UK and provide effective consumer protection. Our organisation seeks to preserve and grow the crypto industry in the country and position ourselves as a trusted source of credible information for policymakers. We strive to provide education, a balance of statistical and robust research and credentials, and a measured open dialogue about ensuring credible stakeholders can validate their work and grow.
How do you assess the crypto industry’s progress in terms of awareness and education? What do you think are the major challenges at the moment?
At CryptoUK, we work regularly with the UK government and regulatory bodies to inform and educate them on the crypto sector's critical issues. When we started in 2017, these organisations showed some reluctance towards a positive association with crypto, and there was a skewed narrative towards the links between crypto and financial crime. Still, three years ago, we found that many MPs were also unwilling to engage with the crypto industry and understand the sector’s real economic opportunities and growth potential.
Our organisation set about supporting the establishment of the Crypto and Digital Assets APPG and began to support the upskilling and education of the members within Westminster. We hosted a series of round tables and site visits to companies operating in the sector, showcasing the complex and robust compliance functions that existed. At the same time, we exhibited blockchain analytics technology that could help authorities safeguard consumers and crack down on fraud. Greengage’s research on Digital Parliamentarians shows that MP’s awareness and mentions of the crypto industry have increased substantially over the last 3 years. The number of UK adults holding some crypto assets in 2023 more than doubled the 2021 estimates. We believe this acceptance of open discussion is critical to ensure more awareness and fulfilment of the industry’s potential, as yet, 1.2 million people in the UK remain unbanked. The main challenge now revolves around reinstating the dialogue and momentum the last government had pursued concerning the regulatory framework.
Has the approach to education changed over the years? How?
Everything has changed and evolved, and we want to focus fundamentally on consumer awareness and regulatory clarity. People are becoming more tech-savvy, and the adoption of digital assets in the UK is increasing. Also, we need to ensure that financial education starts early and covers all aspects of ‘money’, whether in fiat or crypto form. Additionally, we know that consumers and policymakers are looking in new directions for education and information. Whether from new social channels, connective media, or trusted voices, providing credible resources and sources that can be validated is essential at a time when false news is still prolific.
