The first meeting of the UK’s new Cryptoassets Taskforce took place on 21 May 2018. First announced in April 2018 by the Chancellor of the Exchequer as part of the UK government’s Fintech Sector Strategy, the Taskforce is a central part of the government and financial regulators’ efforts to understand and engage with the implications of new technologies in financial services. At the first meeting, the Taskforce agreed its objectives, which include:
- exploring the impact of cryptoassets;
- the potential benefits and challenges of the application of distributed ledger technology in financial services; and
- assessing what, if any, regulation is required in response.