The government’s new cryptoassets taskforce has had its first meeting, and is considering what, if any, regulation is required over the use of distributed ledger technology in financial services
Senior leaders from government and the financial regulators agreed the objectives for the taskforce, which was first announced by the Chancellor in April. These include exploring the impact of cryptoassets and the potential benefits and challenges of the application of blockchain technology in the financial sector.
Andrew Bailey, Financial Conduct Authority (FCA) chief executive said: ‘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.’
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.
The taskforce will host a roundtable in July and publish a report in the autumn.
Report by Pat Sweet