British Payment Association Calls for Government to Establish Digital Asset Ecosystem Incorporating Web3

As the general election voting takes place in the UK, the Payments Association has issued a call to the incoming Chancellor of the Exchequer, urging for the imposition of a “tech tax” on social media giants to compensate for the impacts caused by payment fraud originating from their platforms. Furthermore, in a letter addressed to the incoming Prime Minister, the Payments Association also calls for the UK government to release a comprehensive “National Payment Vision and Strategy” that would enable the next phase of open banking and open finance. Additionally, legislative measures are advocated to establish an appropriate digital asset ecosystem encompassing Web3, DeFi, and smart contract standards.