After months of behind-the-scenes work, the UK Digital Currency Association (UKDCA) announced its official launch on 24th March, a declaration that signifies it now has an incorporated entity, an operational website and established working groups.
The UKDCA is most notable for its work consulting with the UK’s tax body, Her Majesty’s Revenue and Customs (HMRC), on its decision to eliminate added costs imposed on bitcoin trades earlier this March. The decision was championed by the international community as a progressive move by the HMRC.
UKDCA member and Bullion Bitcoin owner Adam Cleary spoke to CoinDesk about the launch, indicating that this will be just the beginning of the organisation’s work.
Cleary said that the UKDCA will serve as a trade association that benefits both the domestic bitcoin community, as well as the wider UK population.
Bitcoin community members can join the public group, free of charge, though paid memberships come with more substantial perks. Likewise, Cleary indicated that the public will gain a trusted informational resource.
“Governments, regulators, businesses, the media, [they] like to have these focal points they can deal with in old-fashioned, legacy terms. A trade association provides this focal point for the wider community.”
The organisation is being run by an interim board. An election will then be held to determine a full board of directors.
Interim board members include Cleary, Elliptic CEO Tom Robinson and BankToTheFuture.com co-founder Simon Dixon, among others.
Cleary explained that the UKDCA plans to introduce three tiers of membership, using a model similar to the one the Bitcoin Foundation has parlayed to international success. The group had previously been operated as a part of the London meetup group.
The UKDCA’s three membership tiers will include:
- Industry members – pay the highest membership fee in exchange for the ability to display the UKDCA logo on their websites
- Individual members – pay a small subscription fee to have their name listed on the UKDCA website and for board member voting privileges
- Supporters – do not pay a membership fee, but are able to signal their support.
Working groups will be focused on four topic areas – exchanges, regulation and accounting; business and financing; media, education and charity; technology and mining.
Cleary indicated that the UKDCA has been in touch with the Bitcoin Foundation, and that the two groups are currently discussion how they can best work together.
The UKDCA, Cleary noted, will be looking to support the foundation in the UK:
“We are absolutely 100% non conflictive. We are here to do our stuff in the UK, and to be a UK-centered organization, whereas the Bitcoin Foundation is global.”
Cleary likened the organisation to successful groups formed in the Netherlands, Canada and Australia that operate as national trade organisations.
First public event
The UKDCA will hold a panel discussion on 31st March during FinTech Week to mark its launch.
Cleary, who is moderating the talk, indicated that it will primarily highlight the technology of the blockchain. Panelists include Ethereum’s Stephan Tual; Netagio’s Simon Hamblin; and more.
Following the introduction, the event will feature a regulatory update, a startup stories exchange and an open networking period.
Those who wish to attended can visit Rain Making Loft, International House 1 St Katharine’s Way, London, E1W 1TW.
For more information about the UKDCA, click here.
Image credit: Big Ben via Shutterstock