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 Taskforce is exploring the potential impact of cryptoassets, considering the potential benefits and challenges of the application of distributed ledger technology in financial services, and assessing what, if any, regulation is required in response.
The Taskforce will publish a report in Q3 2018.
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.