UK Cryptoassets Taskforce talk impact and application in first meeting

The UK’s Cryptoassets Taskforce has had its first meeting this week, where members agreed on objectives and topics of discussion moving forwards.

Those include exploring the impact of cryptoassets, 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.

Andrew Bailey, 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.”

Katharine Braddick, Director General of Financial Services at HM Treasury, and Dave Ramsden, Deputy Governor of the Bank of England, were also in attendance.

“The technologies that underpin cryptoassets have the potential to deliver benefits both to the financial system and to the economy it serves,” added Ramsden. “This taskforce will enable us to work closely with the Treasury and the FCA to explore how the opportunities posed by these technologies can be realised, while also tackling the risks arising from cryptoassets.”