UK to setup cryptocurrency taskforce under fintech plans

Tyrone Stewart

Phillip HammondThe UK government has plans to setup a taskforce dedicated to the managing of risks around crypto assets, as it seeks to place itself at the forefront of the use of crypto technology.

The planned taskforce, made up of HM Treasury, the Bank of England, and the Financial Conduct Authority, will aim to help the UK harness the potential benefits of the underlying technology behind crypto assets, while guarding against potential risks.

It is part of the government’s wider fintech strategy, which will also see more ‘robo-regulation’ steps put in place to help fintech firms follow complex regulations, and a UK-Australia ‘fintech bridge’ to help UK firms expand internationally. On top of this, the government will create a set of industry standards to enable fintech firms to partner with banks more easily and will help new, small fintech firms provide complex financial services to help grow their businesses.

“I am committed to helping the sector grow and flourish, and our ambitious sector strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution,” said Chancellor of the Exchequer Phillip Hammond.”As part of 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.”