United Kingdom forms cryptocurrency task force

United Kingdom forms cryptocurrency task force

Hammond is also set to announce several other measures relating to the fintech sector more broadly, including "the next steps in 'robo-regulation'".

The primary component of the Fintech Sector Strategy is the introduction of the crypto task force which is composed of representatives from various entities, the Bank of England, Financial Conduct Authority, and the HM Treasury.

And a new programme, developed by the government's fintech delivery panel, will be created to help fintech firms to take advantage of the UK's diverse workforce.

The new task force will be announced by Chancellor Philip Hammond at the government's second International FinTech Conference held today (22 March).

The UK government has plans to setup a taskforce dedicated to the managing of risks around crypto assets, as it seeks to place itself at the forefront of the use of crypto technology. The goal is to reduce the cost for firms to enter the fintech market so that they would be able to join without much trouble and expense.

Helping new, small FinTech firms to provide complex financial services and thereby grow their businesses and reach new customers.

The statement also indicates the government plans to collaborate with fintech companies to "create "shared platforms" which will help remove the barriers that these firms face".

The task force will also be responsible for assessing "the future response of the appropriate authorities, including around regulation".

The chancellor and Scott Morrison, Treasurer of the Commonwealth of Australia, will also sign a new Fintech Bridge agreement in a bid to open a new global market for United Kingdom firms wanting to expand and sell their services in Australia. "This new nationwide fintech programme will help startups right across the country flourish in the future and spread the benefits of this pioneering technology". The UK FinTech sector contributes £6.6 billion ($9.3B USD) annually to the local economy and employs over 60,000 people across 1,600 companies.

"[Australia] is our most ambitious collaboration to date, bringing together regulators, policy-makers and private sector leaders to collaborate on growing our respective fintech markets in tandem", said Hammond.



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