Recently on September 20, a group of British politicians, including eight Lords and Members of Parliament, participated in a metaverse event attended by leaders from 51 nations. They discussed the opportunities and challenges presented by Web3 technology, with Natalie Elphicke, chair of the All Party Parliamentary Group for Blockchain Technologies (APPG), emphasizing the significance of Web3 as a transformative shift for the internet.
Elphicke believes the UK can become a “smart country” with the help of blockchain, but she also mentioned that the UK needs more people with blockchain skills. She wants the UK to be an attractive place for Web3 creators and businesses.
She also asked for more countries to work together and create plans for using blockchain. She said that, so far, only a few countries have made such plans. She also talked about a plan from 2021 called the National Blockchain Roadmap. It aims to use blockchain to help with things like fighting climate change and creating digital IDs.
The chairman also talked about DeFi, she said it’s a challenge for regulators but also a chance for new ideas. She wants to make sure DeFi is safe and fair. She ended by talking about “tokenization,” which means turning real things into digital tokens, and also said this trend is growing fast.
However, the day before this metaverse talk, on September 19, a new law was passed in the UK to make the internet safer, including things happening in the metaverse. The UK wants to be a leader in Web3, and Natalie Elphicke and her team are setting the stage for this new digital future. Stay tuned for more updates on how the UK is changing with blockchain and Web3 technology.
Earlier, we observed the UK government’s similar aim in a report by Todayq News on June 30, 2023. King Charles III approved the Financial Services and Markets Bill 2023, which allowed the UK government to regulate financial services, including crypto assets and stablecoins, to boost the economy and enhance consumer protection. This legislation aimed to provide control over financial services rules, support businesses, and drive economic growth in the post-pandemic and post-Brexit era.