According to PANews, a recent study by the independent advocacy group Startup Coalition titled 'The Potential of a Decentralized Economy' reveals that the UK's cryptocurrency and Web3 sectors could contribute up to £40 billion in economic value by 2035. The report lists user-generated content based on distributed ledger technology (DLT) such as social media, and the integration of blockchain with artificial intelligence as key drivers of growth.
Despite efforts by the UK's Financial Conduct Authority (FCA) to establish regulations for the crypto and Web3 industries, specific policy documents are not anticipated until 2026.
The current absence of a clear decentralized regulatory framework has led many startups to prefer the more established regulatory environment in the United States.
