HM Treasury hosted the second International FinTech Conference in London in late March. UK Finance Minister Philip Hammond unveiled this UK crypto assets task force at the conference that will examine risks and benefits of cryptocurrencies.
The Crypto Assets Task Force consists of HM Treasury, the Bank of England, and the Financial Conduct Authority. According to the government, this will help the UK be at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks.
The task force is included in the wider financial technology strategy of the British government. Also as part of this initiative, the UK will cooperate with Australia, creating a "fintech bridge" helping British fintech firms to sell products and services in Australia. In addition, the two countries are willing to build cooperation on policies and regulation surrounding the sector, Hammond said.
One of the goals of the UK government as part of the fin-tech strategy will be to create financial industry-wide standards that make it easier for fintech firms to partner with banks.
Hammond said he wanted to make the UK the “most attractive home” for global fintech firms. “Our doors will always be open to the innovators and inventors,” he added.