The UK Government Launches a Cryptocurrency Task Force As Part of Fintech Initiatives

The UK Government Launches a Cryptocurrency Task Force As Part of Fintech Initiatives

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March 22, 2018 by Bitzamp
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The UK Government Launches a Cryptocurrency Task Force As Part of Fintech Initiatives Philip Hammond, Chancellor of the British Exchequer, announced that the government is getting a ‘new crypto assets task force’ designed to make it easier for fintech companies to follow complex regulations. According to a statement from the Treasury Office, Hammond will reveal
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The UK Government Launches a Cryptocurrency Task Force As Part of Fintech Initiatives
Philip Hammond, Chancellor of the British Exchequer, announced that the government is getting a ‘new crypto assets task force’ designed to make it easier for fintech companies to follow complex regulations.

According to a statement from the Treasury Office, Hammond will reveal the working group, which will include the Bank of England and the Financial Conduct Authority in addition to the Treasury, at the government’s second International Fintech Conference.
An excerpt from the government’s announcement on the working group revealed the Fintech industry strategy to establish:

“A Cryptoassets Task Force consisting of HM Treasury, the Bank of England [the central bank] and the Financial Conduct Authority [the financial regulator]. This will help the UK to be at the forefront of harnessing the potential benefits of the underlying technology while guarding against potential risks.”

Hammond said he wanted to make the U.K. the “most attractive home” for global fintech firms.
“Every hour a new tech business is founded in the U.K. and my aim is to make that every half hour,” the minister said at a fintech conference organized by the Treasury, the U.K.’s finance department, in London.
“Our doors will always be open to the innovators and inventors,” he added.
In addition to the FinTech Bridge and the task force on cryptocurrency, the Treasury said it is looking to create industry-wide standards that make bank and FinTech partnerships happen more easily.

“I am committed to helping the sector grow and flourish, and our ambitious sector strategy sets out how we will ensure the U.K. remains at the cutting edge of the digital revolution,” U.K. Finance Minister Philip Hammond said in a statement to CNBC. “As part of that, a new task force will help the U.K. to manage the risks around crypto assets, as well as harnessing the potential benefits of the underlying technology.”


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