Emma RadmoreThe Treasury has published its first Fintech Sector Strategy, setting out the government’s proposals to secure the UK’s place as a preferred location to start and grow a fintech business.
The paper announces a number of measures, including:
- a Cryptoassets Task Force will be established by HM Treasury, the Bank of England and the FCA, focusing on balancing the potential benefits of the underlying technology with potential risks;
- UK regulators are exploring whether machine-readable rules can be developed to reduce the cost of regulatory compliance; and
- the development of a set of industry standards to enable Fintech firms to more easily partner with incumbent firms such as Barclays, Lloyds Banking Group and HSBC.