The UK’s Treasury department has announced the launch of a cryptocurrency task force headed up by the Bank of England and the Financial Conduct Authority (FCA), according to a report by CNBC and Cointelegraph. It’s aim to both regulate and support crypto technology.
Just a few days ago on 19th Match, the FCA released a global regulatory Fintech sandbox, which it hopes will promote Fintech innovation and development without putting a restrictive regulatory process in place before testing can take place.
Philip Hammond, the Chancellor of the Exchequer, made a statement about the move, saying that he hoped it would improve industry standards and offer more opportunities for Fintech collaboration with the conventional banking system. He said: “I am committed to helping the sector grow and flourish, and our ambitious sector strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution […] As part of that, a new task force will help the UK to manage the risks around crypto assets, as well as harnessing the potential benefits of the underlying technology.”
Earlier in the month, Mark Carney, Governor of the Bank of England also came out in support of cryptocurrency, saying that he believed in regulation rather than outright bans. He also added that they should be held to the same standards as the established financial system.
It has been quite a bust day for the UK and Fintech industry. It also signed an agreement with Australia called a ‘Fintech bridge’ that will allow British Fintech products to enter the Australian market, whilst also opening up what its hoped will be a fruitful dialogue between the two main Fintech regulators in both countries: Innovate Finance in the UK and Australian Fintech.
Australia is already at the forefront of the Fintech world and cryptocurrency, with the Australian Stock Exchange implementing blockchain technology in December 2017. Brisbane is also set to have the world’s first crypto-friendly airport terminal and since 1st March, the public have been able to buy cryptocurrency at newsstands across Australia.