UK’s Hammond unveils a new task force to manage the risks around crypto assets

Reuters reports comments from the UK Finance Minister Philip Hammond, as he delivers a statement ahead of a fintech conference hosted by the finance ministry.

Key Points:

“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,”

 The fintech strategy would include schemes to pilot “robo regulation”, or the use of software by fintech firms to comply with regulation to save time and money.

New industry standards will enable fintech firms to team up with banks more easily to offer complex services and reach more customers.

Industry and government will create “shared platforms” to remove barriers faced by fintech firms setting up new systems.