To ask the Scottish Government what assessment it has made of the investment and support landscape for Web 3.0 development in Scotland, and what gaps it has identified that need addressing through either private or public sector action.
We recognise the pioneering research and private investment in Web 3.0 technologies across Scotland. Nevertheless, our focus in applying digital technologies for Public Service Reform is based on an understanding of end-to-end services and user needs, rather than committing to use particular technologies.
We invest expert staff time in continuing to advise and support Scottish Enterprise’s work coordinating private sector activity on Web 3.0 technologies, through its Digital Trust Scotland - Blockchain Taskforce. The work of Scottish Enterprise produced a report in May 2023, Blockchain In Scotland Landscape Overview , which demonstrates the comprehensive engagement we have through this Taskforce. Hence, through involvement in the Taskforce, we would expect to have opportunity to provide more support where there are gaps identified that clearly lead to economic impacts.
Scottish Government's CivTech Programme, has invested in diverse technologies that include Web 3.0, and has attracted over 90% of its participants from innovative start ups and SMEs, many of whom have gone on to set up Scottish bases. The Scottish Government has also provided funding support to the Scottish GovTech Cluster, which aims to support collaboration within the technology sector focused on connecting government agencies, businesses, researchers, academia and all other groups and individuals wishing to use technology (including Web 3.0) to improve and transform public services. The Scottish GovTech Cluster are working to attract investment both from within Scotland and from outside the country matching businesses and researchers with funding opportunities and provide support to help them secure investment.
We recognise that one potential private investment channel available for Web 3.0 companies is digital assets - for example cryptographic utility tokens. Our Financial Services/FinTech team are currently addressing related policy questions around Digital Assets in Scots Private Law. We would expect this work give Web 3.0 businesses in Scotland more legal clarity about such funding mechanisms.