The joint HM Treasury-Financial Conduct Authority-Bank of England Cryptoassets Taskforce report sets out the UK’s approach to cryptoassets and distributed ledger technology in financial services.
The Cryptoassets Taskforce report lays out the UK’s policy and regulatory approach to cryptoassets and distributed ledger technology in financial services.
It provides an overview of cryptoassets and DLT, assesses the associated risks and potential benefits, and sets out the path forward with respect to regulation in the UK.
The report commits the authorities to take forward actions that will:
- maintain the UK’s international reputation as a safe and transparent place to do business in financial services
- ensure high regulatory standards in financial markets
- protect consumers
- guard against threats to financial stability that could emerge in the future
- allow those innovators in the financial sector that play by the rules to thrive
The Cryptoassets Taskforce was announced in March 2018 by the Chancellor of the Exchequer, as part of the government’s FinTech Sector Strategy. It consists of HM Treasury, the Financial Conduct Authority and the Bank of England.
The first meeting of the Taskforce took place on 21 May 2018 and was attended by senior leaders from government and the financial regulators including Katharine Braddick (Director-General of Financial Services at HM Treasury), Andrew Bailey (Chief Executive of the Financial Conduct Authority) and Dave Ramsden (Deputy Governor of the Bank of England). Officials continue to meet regularly.
The Taskforce is engaging with industry stakeholders and international counterparts.
The Taskforce also held a stakeholder roundtable on 23 July 2018, led by:
- Gwyneth Nurse, Director of Financial Services at HM Treasury
- Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority
- Tom Mutton, Director of Fintech at the Bank of England
The roundtable was attended by representatives of cryptoassets and distributed ledger technology firms, industry bodies, academics, banks and professional services firms. Participants discussed the impacts of cryptoassets, the use of Initial Coin Offerings in the UK and applications of distributed ledger technology in financial services. Feedback from this roundtable and other stakeholder engagement will inform the Taskforce’s considerations.