Philip Hammond who is the U.K Chancellor of the Exchequer is expected to announce a government “crypto assets task force”.
News from the office of the Treasury, has indicated that Philip Hammond will reveal the task force, 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.
The initiative, part of the government’s larger Fintech Sector Strategy, “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.
This has become essential as Prime Minister, Theresa May expressed her concern at the January’s World Economic Forum, about the potential criminal usage of crypto.
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In addition, The statement said that the latter would consist of “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.”
Likewise, the statement revealed the government’s intention to create a U.K.-Australia “fintech bridge,” which will aim to connect the countries’ respective markets and to “help U.K. firms expand internationally.”