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The Treasury of the UK has declared the launch of a crypto task force composed of the Financial Conduct Authority (FCA) and the Bank of England (BOE) that will have control and support to crypto technologies.

The FCA had quite recently come up a worldwide regulatory fintech sandbox last March 19 as an approach to promote the innovative fintech advances without the need of a strict administrative process for beta-testing.

The Finance Minister of the UK, Philip Hammond, said in an announcement that the new crypto team will deal with making industry benchmarks for facilitating fintech and bank joint efforts, and additionally supporting its development throughout the fintech business:

“I am focused on helping the segment grow and prosper, and our goal-oriented part procedure sets out how we will guarantee the U.K. stays at the cutting edge of the digital upheaval […] As part of that, a new task force will help the U.K. to deal with the dangers around crypto assets, and also harnessing the potential advantages of the underlying innovation.”

Earlier this month, BOE governor Mark Carney said that digital currencies ought to be directed as opposed to prohibited and held to an indistinguishable principle of the traditional financial framework.

The UK also signed a “fintech bridge” agreement with Australia, enabling UK products to enter the Australian fintech industry and making space for an open discourse amongst Britain and Australia’s two fintech industry controllers, Innovate Finance and Fintech Australia.

Australia has regularly been at the cutting edge of cryptocurrencies and crypto development. The Australian Stock Exchange started executing Blockchain technologies last December, Brisbane will soon have the world’s first crypto-friendly airport terminal, and Australians can buy crypto at newspaper kiosks across the country.


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