/ UK Government Launching a Crypto Task Force

March 22, 2018

UK Government crypto task force for regulations

Philip Hammond, U.K. Chancellor of the Exchequer, has announced a government's crypto assets task force, the official statement from the Treasury office says

The cryptocurrency task force is a part of a broader technology strategy laid out by the U.K. government, which aims to create financial industry-wide standards, allowing U.K. companies to sell their products and services in Australia, all while making it easier for fintech firms to partner with banks.

Team enforcing regulations on Bitcoin and any other cryptocurrency or technology will include Bank of England and the Financial Conduct Authority (FCA), in addition to the Treasury.

The plan is to help U.K. manage and reduce risks around crypto assets and the blockchain, as well as finding potential benefits of the underlying technology and its implementation.

Besides cryptocurrency, Hammond will announce other measures relating to the fintech sector, including the robo-regulation.

It will consist of “pilot schemes to help new fintech firms, and 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,” the official statement said.

As part of the initiative, the government will sign an agreement creating a U.K.-Australia “fintech bridge,” which they plan will connect the countries’ respective markets and help U.K. firms expand internationally, allowing them to sell their products and services in Australia.

Government plans to collaborate with fintech companies to “create ‘shared platforms’ which will help remove the barriers that these firms face.”, but the nature of those platforms is still unknown.

We have seen significant interest and enthusiasm in the blockchain technology itself, but a little less for the cryptocurrency, as they’re still so volatile, largely used for criminal purposes and filled with various scams.

There is a distinct need for regulations; as even the governor of the Bank of England, Mark Carney made a similar appeal for regulation at the beginning of March. The world’s economic leaders G20 have set a July deadline for the first step toward unified regulation of cryptocurrency, the official statement says.

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