UK creates special task force to regulate crypto technologies. The UK announced that it has created a cryptocurrency special task group consisting of the Bank of England (BOE) and the Financial Conduct Authority (FCA), which will regulate and support crypto technologies.
Using UK crypto technologies, fintech and bank collaborations aims to facilitate
FCA launched a global regulatory fintech sandbox on March 19 as a way to promote innovative fintech development without requiring a strict regulatory process for testing.
British Minister of Finance. Philip Hammond said in a statement that the new crypto task force will seek to establish industry standards to facilitate innovation in the fintech industry, as well as fintech and bank collaborations.
“This task force will enable the UK to manage risks on crypto assets.”
Also, Philip Hammond added the following to his explanations on the subject:
Helping the growth and development of the industry I am determined to be successful and our ambitious industry strategy reveals how we will ensure the UK stays at the cutting edge of the digital revolution. As part of this, our new task force will help us. This task force will enable the UK to reap the potential benefits of the underlying technology as well as manage risks on crypto assets.
A “fintech bridge” agreement will be signed between the UK and Australia
In early March, BOE governor Mark Carney said that cryptocurrencies should be regulated, rather than banned, and held to the same standards as the traditional financial system. will sign a “fintech bridge” agreement that will connect “Innovate Finance and Fintech Australia” of the two fintech industry regulators of .. Australia has often been at the forefront of innovation in cryptocurrency and Blockchain technology.
Cointelegraph