The UK government has announced the creation of a ‘crypto-assets task force’ as part of a strategy to boost the nation’s growing financial technology (fintech) sector.

Pushing UK fintech internationally

Chancellor of the Exchequer Philip Hammond also announced at the International Fintech Conference in London that a new UK-Australia ‘fintech bridge’ was being established to help UK enterprises expand internationally.Matt Hancock, the secretary of state for digital, culture, media and sport, also announced at the conference that Tech City UK would be building a world-leading fintech programme to operate across the country with the aim of supporting new companies in the sector.The task force, comprising staff from the Treasury, the Bank of England and the Financial Conduct Authority, will aim to make it easier for fintech firms to follow complex regulations governing the sector and also help the UK manage the risk around virtual currencies.

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Creating a fintech framework

Mr Hammond said the team would work on creating industry standards for facilitating fintech-bank collaborations, as well as supporting innovation throughout the industry.
“From the square mile in London to Scotland’s Silicon Glen, the UK leads the world in harnessing the power of fintech as we create an economy fit for the future,” the chancellor said.“I am committed to helping the sector grow and flourish, and our ambitious Sector Strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution. As part of that, a new task force will help the UK to manage the risks around crypto assets, as well as harnessing the potential benefits of the underlying technology.”

Increasing regulation of crypto-currency

At the beginning of the month, Mark Carney, governor of the Bank of England, said that crypto-currencies should be regulated, rather than banned, and held to the same standards as the conventional financial industry.The agreement with Australia for the creation of a ‘fintech bridge’ will allow UK products to enter the Australian fintech markets and open up a discourse between the two countries’ fintech sectors, including Australia’s two industry regulators, Innovate Finance and Fintech Australia.Australia has been at the forefront of crypto-currency and crypto-technology innovation in several areas: the Australian Stock Exchange began implementing blockchain technologies last year; Brisbane will soon become home to the world’s first crypto-friendly airport terminal; and, since the beginning of this month, Australians have been able to purchase crypto at newsstands.Mr Hancock told the conference, “We are determined to make Britain the best place to start and grow a digital business while giving consumers more choice when it comes to managing their money.“This new nationwide fintech programme will help start-ups right across the country flourish in the future and spread the benefits of this pioneering technology.”
The fintech sector is currently estimated to contribute about £6.6 billion a year to the UK economy, employing more than 60,000 people across 1,600 companies. 

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Read more about the future of the UK industry in the Winter issue of our magazine 

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