Chancellor unveils cryptoassets task force

Will assess regulation

A cryptoassets task force has been established by the Treasury, the Bank of England and the Financial Conduct Authority (FCA) to "further explore risks associated with cryptoassets and the benefits of the underlying technology" it was announced today.

In a policy paper titled Fintech Sector Strategy: Securing the Future of UK Fintech, Chancellor of the Exchequer Philip Hammond said one of the government's key challenges is "understanding and engaging with the implications of new technologies". The Cryptoassets Task Force will assess how the authorities will respond to cryptocurrencies and regulate the asset class. It plans to report its findings in the Summer. "Like traditional assets, cryptoassets may act as a store of value, but they have recently been subject to speculation which has led to significant volatility, contributing t...