Philip Hammond, the U.K Chancellor of the Exchequer, announced that the United Kingdom Government is about to set-up a Crypto Assets Task Force. The office of the Treasury said that the Chancellor will unveil the task force, which will include the Bank of England and the Financial Conduct Authority, at a speech in London on Thursday at the government’s second International Fintech Conference. A representative of the Treasury is also expected. At a press conference in London last week, Hammond told news media that “A new task force will help the UK to manage the risks around Crypto assets, as well as harnessing the potential benefits of the underlying technology”
The UK Government announced on its website, the new strategy aims to help the United Kingdom harness the benefits of blockchain technology while also protecting against the risks.
Furthermore, the British Government aims to create a “fintech bridge” with Australia in order to increase bilateral ties. The agreement would allow British fintech company to access Austrailian markets to sell their products and services. “A Crypto Assets Task Force consisting of HM Treasury, the Bank of England [the central bank] and the Financial Conduct Authority [the financial regulator]. This will help the UK to be at the forefront of harnessing the potential benefits of the underlying technology while guarding against potential risks.” He further clarified.
Crypto-Regulations in the United Kingdom
This is coming on the heels of calls for greater increased regulation on the cryptocurrency market by various industry players. Over the years, the U.K Government has been a supporter of the blockchain technology. There have been calls by stakeholders to regulate the industry amidst speculation of the technology.
Finally, the report suggested that the UK Government will work together private fintech companies and firms to create “shared platforms” which will remove any bottlenecks faced by the industry.