UK Trade Negotiators Eye Blockchain Provisions in Coming US Trade Talks

The U.K.'s trade negotiators want to set the pace for global blockchain regulation in its upcoming free trade talks with the United States.

AccessTimeIconMar 11, 2020 at 7:00 a.m. UTC
Updated Aug 19, 2021 at 1:14 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The United Kingdom's trade negotiators want to influence global blockchain regulation in its upcoming free trade talks with the United States, according to the negotiating objectives released by the U.K.’s Department for International Trade (DIT).

The plan is straightforward and the “opportunity,” as DIT called it, is clear. In its 184-page action plan released March 2, U.K.’s post-Brexit trade broker said it will “seek to deliver” favorable digital trade terms for small to midsize businesses, including those in blockchain. 

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • “In areas such as data flows, blockchain, driverless cars and quantum technology we have the opportunity to help shape global rules through ambitious digital trade provisions,” the document states.

    The document did not provide any actual details, and DIT declined to elaborate on its negotiating stance ahead of the talks. Such discussions have taken on heightened importance post-Brexit, especially given the U.K.’s already close trading ties with the U.S.

    Peter Hunn, CEO of the smart contracts API firm Clause, said a deal could be beneficial for the blockchain space. 

    “There is a lot that can be done here to provide standardized interfaces using DLT systems and smart contract code that reduce administration, financial and compliance burdens,” he said.

    DIT appears to have prioritized striking a strong digital trading partnership within its coming framework. An entire chapter of the negotiating objectives deal with “digital trade” including data protection, an open internet and cross-border data flows, among other issues.

    The U.K. seeks to “future-proof the agreement in anticipation of rapid technological developments,” according to an accompanying press release.

    There are some calls for closer cross-border crypto partnerships within the report. In an included appendix that summarizes the DIT’s trade agreement public comment period, held in summer 2018, some “business associations” are said to have lobbied DIT for closer fintech ties.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about