The Cryptoassets Task Force consists of HM Treasury, the Bank of England, and the Financial Conduct Authority. This will help the UK to be at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks.
Besides these initiatives, the strategy also includes the next steps in ‘robo-regulation’ to make it faster and easier for fintechs to follow complex regulations, and a new UK-Australia ‘fintech bridge’ to help UK companies expand internationally.
Currently, the UK fintech sector contributes GBP 6.6 billion annually to the UK economy, and employs over 60,000 people across 1,600 companies, according to gov.uk. In the first three quarters of 2017, the sector received a record GBP2.1 billion investment.
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