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UK’s Cryptoassets Taskforce agrees on key objectives

UK’s Cryptoassets Taskforce, an initiative announced earlier this year, held its first meeting on 21 May 2018.

In March, Chancellor of the Exchequer, Philip Hammond, announced the task force as part of the government’s Fintech Sector Strategy. The objective is to place the UK at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks. The Cryptoassets Task Force consists of HM Treasury, the Bank of England (BoE), and the Financial Conduct Authority (FCA).

At its first meeting, the taskforce agreed its objectives, which includes assessing the impact of cryptoassets, exploring the potential benefits and challenges of the application of distributed ledger technology (DLT) in financial services, and scope for regulation.

“Cryptoassets have been an area of increasing interest for markets and regulators globally including the FCA. We look forward to working with our counterparts at the Bank of England and the Treasury as part of the taskforce to develop thinking and policy on cryptoassets,” Andrew Bailey, FCA Chief Executive said.

While the Taskforce will consider existing analysis by the government and regulators, it will also seek new views from trade bodies, academics, consumer groups and investor representatives. It will host a roundtable in July and publish a report in Q3 2018.

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