Earlier this month, the UK’s new Cryptoassets Taskforce held its first meeting.
The Taskforce was first announced in April by the Chancellor of the Exchequer as part of the Government’s Fintech Sector Strategy. It forms a central part of the Government's and financial regulators’ efforts to understand and engage with the implications of new technologies in financial services
At this first meeting, the Taskforce reached agreement on its ongoing objectives, which include exploring the impact of cryptoassets, the potential benefits and challenges of the application of distributed ledger technology in financial services, and assessing what, if any, regulation is required in response.
“Cryptoassets have been an area of increasing interest for markets and regulators globally including the FCA,” explained Andrew Bailey, FCA Chief Executive. “We look forward to working with our counterparts at the Bank of England and the Treasury as part of the taskforce to develop thinking and policy on cryptoassets.”
“The technologies that underpin cryptoassets have the potential to deliver benefits both to the financial system and to the economy it serves,” added Dave Ramsden, Deputy Governor of the Bank of England. “This taskforce will enable us to work closely with the Treasury and the FCA to explore how the opportunities posed by these technologies can be realised, while also tackling the risks arising from cryptoassets.”
The Taskforce intends to host a roundtable in July and publish a report in Q3 2018.
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Contains public sector information licensed under the Open Government Licence v3.0.
