On Thursday, a government “cryptocurrency assets task force” and a host of other fintech initiatives are expected to be announced by U.K. Chancellor of the Exchequer Philip Hammond.
At the government’s second International Fintech Conference, the agenda will include the Bank of England and the Financial Conduct Authority in addition to the Treasury as per a statement from the office of the Treasury, Hammond will reveal the task force.
Hammond said in a statement, “The initiative, part of the government’s larger Fintech Sector Strategy, “will help the U.K. to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology.”
Also, the next steps in ‘robo-regulation’ are to be announced alongwith several other measures relating to the fintech sector more broadly.
The presence of pilot schemes to help new fintech firms coupled with the financial services industry more widely, comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money, added the statement.
A U.K.-Australia “fintech bridge, aimed to connect the countries’ respective markets and to “help U.K. firms expand internationally, emphasized the statement.
Also, the creation of standards to make it easier for fintech firms to partner with banks are the notable features of the Fintech Sector Strategy
The creation of ‘shared platforms’ which will help remove the barriers that these firms face by means of collaboration with the government was also indicated in the statement.
Though the U.K. government has shown less enthusiasm for cryptocurrency, it has largely proved amenable to blockchain technology broadly.
A concern about potential criminal usage of crypto was conveyed by Prime Minister Theresa May at January’s World Economic Forum. Also, Hammond called for the regulation of cryptocurrencies at the same event.
At the beginning of March during a speech at the Scottish Economics Conference, Mark Carney, the governor of the Bank of England, made a similar appeal for regulation.