A launch of a task force that will regulate and support crypto technologies was announced today, March 22nd. CNBC reports that the task force is made up of Bank of England and the Financial Conduct Authority (FCA).
Standards and support
The aim of the UK’s crypto task force is to create industry standards for fintech and bank collaborations, while supporting the industry.
UK’s Finance Minister, Philip Hammond said:
“I am committed to helping the sector grow and flourish, and our ambitious sector strategy sets out how we will ensure the U.K. remains at the cutting edge of the digital revolution […] As part of that, a new task force will help the U.K. to manage the risks around crypto assets, as well as harnessing the potential benefits of the underlying technology.”
It is also today that UK and Australia are signing a “fintech bridge” agreement. This will allow British products to enter Australian fintech markets. It will also bridge Australia and Britain’s fintech regulators, Fintech Australia and Innovative Finance.
Australia is leading as a crypto-friendly country. We recently reported that Australians can buy cryptocurrency at 1200 newsstands. Also – Brisbane will soon become the World’s first crypto-friendly airport.