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October 29, 2018

BoE published the joint HM Treasury, FCA, and BoE Cryptoassets Taskforce report that sets out the approach of UK to cryptoassets and distributed ledger technology (DLT) in financial services. The report provides an overview of cryptoassets and the underlying technology, assesses the associated risks and potential benefits, and sets out the path forward with respect to regulation in the UK.

The Taskforce concluded that robust action should be taken to address the risks associated with cryptoassets that fall within existing regulatory frameworks. Further consultation and international coordination is required for those cryptoassets that pose new challenges to traditional forms of financial regulation, and fall outside the existing regulatory framework. All three authorities plan to engage with international bodies to ensure a comprehensive response. BoE, in particular, will continue to monitor financial stability implications of cryptoassets; assess the adequacy of the prudential regulatory framework with respect to cryptoassets, in conjunction with international counterparts; and work toward enabling the renewed RTGS service to be capable of interfacing with innovative payment platforms, including those based on DLT.

The Cryptoassets Taskforce, which was launched in March 2018, had brought together HM Treasury, FCA, and BoE to develop an approach to cryptoassets and DLT that maintains the UK’s international reputation as a safe and transparent place to do business in financial services; the approach is also intended to ensure high regulatory standards in financial markets, protect consumers, guard against potential threats to financial stability, and allow innovators in the financial sector that play by the rules to thrive.

 

Related Link: Notification and Report

Keywords: Europe, UK, PMI, Banking, Securities, Fintech, Regtech, Crypto-assets, DLT, HM Treasury, FCA, BoE

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