Tag: taskforce

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UK Cryptoassets Taskforce Final Report
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UK Cryptoassets Taskforce meets for first time

UK Cryptoassets Taskforce Final Report

By Jonathan Lawrence

The UK Cryptoassets Taskforce has recently published its final report.  The Taskforce comprises HM Treasury, the Financial Conduct Authority and the Bank of England and was formed in March 2018.

While the use of cryptoassets for illicit activity remains low in the UK, the Taskforce concludes that these risks are increasing and the use of cryptoassets for money laundering is growing. The UK authorities will bring all relevant firms into anti-money laundering and counter-terrorist financing regulation. This action will go significantly beyond the requirements set out in the European Union Fifth Anti-Money Laundering Directive. The UK government will consult on its proposed actions and will legislate during 2019.

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UK Cryptoassets Taskforce meets for first time

By Jonathan Lawrence

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.

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