UK Government Initiates Crypto Assets Task Force To Manage Risks

To Manage Crypto Risk, UK Government Launches Crypto Task Force

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  • UK Government to announce its “crypto assets task force” on Thursday.
  • This crypto task force would manage the risks around Cryptoassets amidst other duties.

United Kingdom: Report reaching revealed that the UK government is launching an initiative soon. A statement released from the UK Treasury office revealed that Philip Hammond, the UK Chancellor of the Exchequer would announce on Thursday the government “crypto assets task force” initiative as well as a host of other fintech initiatives. The crypto task force to be announced by Philip at the government’s second International Fintech Conference would include the Bank of England and the Financial Conduct Authority in addition to the Treasury.

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This initiative is part of the UK government’s larger Fintech Sector Strategy, and the statement reads that the initiative “will help the UK to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology.”

At the conference, Philip is also set to announce some other measures that relate to the fintech sector more broadly, which include “the next steps in ‘robo-regulation.'”

The statement added that robo-regulation would comprise 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.”

Also, the statement showed that the UK government intends to create a UK-Australia “fintech bridge,” which aims at connecting the countries’ markets respectively and to “help UK firms expand internationally.”

Other important highlights of the Fintech Sector Strategy include the establishment of standards that will make it easier for fintech firms to form a partnership with banks.

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Though the statement further indicated that the UK government plans to team up with fintech companies to “create ‘shared platforms’ which will help remove the barriers that these firms face.” However, it did not give further detail as regards the nature of these platforms.

The UK government has immensely proved amenable to blockchain tech, though it has expressed less interest in cryptocurrency.

At the World Economic Forum in January, Theresa May, UK Prime Minister, said she was concerned that criminals were exploiting cryptocurrencies, which can be anonymously used to transfer funds. At the same event, Philip called for a crypto regulation.

The Bank of England governor, Mark Carney, during a speech at the Scottish Economics Conference held at the beginning of this month made a similar appeal for regulation, by saying that it’s time to stop the “anarchy” and “hold the crypto-asset ecosystem to the same standards as the rest of the financial system.”

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