Philip Hammond, the UK Chancellor of the Exchequer, is likely to declare a government “crypto assets squad” and a swarm of other fintech programs. As per the statement from the Treasury’s office, Hammond will disclose the squad, which will consist of the Financial Conduct Authority and the Bank of England other than the Treasury, at the 2nd International Fintech Conference of the government.
In a statement, he mentioned that the initiative, element of the bigger Fintech Sector Strategy of the government, “will assist the UK to deal with the threats around Cryptoassets, as well as exploiting the potential advantages of the underlying technology.” Also, Hammond is prepared to publicize a number of other measures associated with the fintech sector more largely, comprising “the subsequent measures in robo-regulation.”
The statement mentioned that the latter would comprise “pilot schemes to assist the new fintech companies and the financial services industry more extensively, conform to the rules by developing software that would automatically assure they abide by the regulation, saving them money and time.”
Similarly, the statement disclosed the purpose of the government to make an Australia–UK “fintech bridge” that will endeavor to attach the respective markets of the countries and to “assist the UK companies to develop worldwide.” Other prominent aspects of the Fintech Sector Strategy consist of the foundation of norms to make it simpler for fintech companies to associate with banks.
The announcement also signifies the government intends to join forces with fintech firms to “generate ‘shared platforms’ that will assist to eliminate the hurdles that these companies confront.” It didn’t provide further point concerning the platforms’ nature. The UK government has mostly proved agreeable to blockchain technology widely, but it has demonstrated less keenness for the cryptocurrency.
At World Economic Forum in January, Theresa May, Prime Minister, stated she was worried about likely criminal use of crypto. Hammond, at the same event, called for the ruling of cryptocurrencies.