The UK and It’s Fintech Foray : The world is gradually coming to terms with the crypto market and the role Fintech will have to play in regulation of that market. Fintech companies have not received the warmest of welcome in the UK but that may be as a result of the populace not really understanding how Fintech companies will be an advantage to them.
The government, on the other hand, understands that it has to position itself as a leader in the burgeoning industry, and it has put in place measures to ensure that it is not behind in the Fintech foray.
In a just-concluded International Fintech Conference, the UK’s Exchequer Chancellor- Phillip Hammond, made public the establishment of a Fintech Sector Strategy to make sure that the UK does not lag behind in the Fintech industry. The company will be utilising it’s trusted financial systems regulators to ensure that the potential risks associated with Fintech and crypto are eliminated.
The government plans to employ the services of the Bank of England, HM Treasury, and the Financial Conduct Authority. These institutions can serve to regulate the activities of crypto and Fintech companies.
The recent change in the stance of the UK government may be more understandable when you check the recent comments of some of its top officials as regards Fintech companies and crypto. For example, despite his previous stance on crypto, Mark Carney recently made a statement that reflects a change in his view of crypto. He stated that the present size of the market cannot harm or pose a risk to global financial security.
Although he acknowledged that monitoring is still necessary, as this will help reduce the risk in the industry. The UK has shown a willingness to effect this monitoring by introducing the Crypto Assets Task Force. This agency will build trust in this emerging industry