Various measures to uplift financial technology in the finance sector: UK launched the cryptocurrency task force as a part of its larger financial technology strategy. Further highlights of the day included the signing off an agreement to facilitate the UK Fintech firms to sell their products and services in Australia and, thus, enjoy the advantages of scale. In order to facilitate their partnership with banks, the UK Fintech strategy is expected to create industry wide standards.
The members of the taskforce include Britain’s central bank, the Bank of England (BOE), and the Financial Conduct Authority (FCA) watchdog. According to the U.K. Finance Minister Philip Hammond, the prime objective of the task force is to assess the risks and advantages emanating from cryptocurrencies.
While pointing out the automation of financial compliance system, he also alluded to make UK the attractive destination for the global fintech companies. “Every hour a new tech business is founded in the U.K. and my aim is to make that every half hour,” the minister further added at a fintech conference organized by the Treasury, the U.K.’s finance department, in London.
Apart from that, another achievement highlighted was an agreement termed as the “Fintech Bridge” with Australia. Thus, enabling the UK fintech companies to sell their products and services in Australia. This initiative by both countries will enable further collaborations related to the policies and regulation related to the sector.
Charlotte Crosswell, the chief executive of Innovate Finance, dubbed the agreement as an excellent opportunity for both countries to share their knowledge related to the industry.
However, concerns regarding country’s exit from the European Union emerged on the back of their inability to do business freely across EU bloc.
Another news that stole the limelight was the regulatory issues regarding Cryptocurrencies for the government, especially after the renowned bitcoin closed at a record high $ 20,000 last year. That is way, Bank of England Governor Mark Carney emphasized on more regulation. Similar sentiments were also conveyed by Financial Conduct Authority Chief Executive Andrew Bailey, who warned buyers regarding the price volatility of cryptocurrencies.