Philip Hammond to Announce UK Crypto Assets Task Force


Philip Hammond to announce UK Crypto assets task force, according to the official statement from the office of the Treasury. The initiative “will help the U.K. to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology,” he said in the statement.

22 March, AtoZForex Philip Hammond, the UK Chancellor of the Exchequer will announce the UK “crypto assets task force” today, according to the statement from the office of the Treasury. The statement also mentioned that Mr. Hammond will reveal the task force, which will comprise the Bank of England and the Financial Conduct Authority in addition to the Treasury.

Philip Hammond to Announce UK Crypto Assets Task Force

The announcement is expected to take place at the government’s second International Fintech Conference. The initiative “will help the UK to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology,” he said in the statement.

In fact, this idea is a part of the government’s larger Fintech Sector Strategy. Mr. Hammod also is expected to announce several other measures in relation to the Fintech sector, including “the next steps in ‘robo-regulation.'”

Following on this, the statement noted that the robo-regulation would include “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.”

UK is Open to Blockchain

In the same fashion, the statement has revealed the UK’s plans to form a UK – Australia “Fintech bridge”. The project will look into linking the countries’ fintech markets to “help U.K. firms expand internationally.”

Some other remarkable moments of the Fintech Sector Strategy include the creation of rules to east the process of collaboration between Fintech firms and banks. The official statement also highlighted that the UK plans to cooperate with Fintech companies to “create ‘shared platforms’ which will help remove the barriers that these firms face.”

However, no further details were provided. The UK authorities have largely expressed open approach to the Blockchain technology. Yet, the government has indicated less positive stance in regards to the cryptocurrency market.

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