As part of its "first Fintech Sector Strategy," the UK government has announced a new "cryptoassets" taskforce and a "UK-Australia Fintech Bridge," which aims to strengthen the FinTech markets in both jurisdictions by encouraging cooperation between public and private sector actors and stakeholders from the two countries.
According to a March 22 press release, the taskforce will consist "of HM Treasury, the Bank of England, and the Financial Conduct Authority," (FCA) and will evaluate the risks surrounding cryptocurrencies as well as FinTech opportunities offered by blockchain technology.
Of the FinTech bridge, Chancellor of the Exchequer Philip Hammond said that the agreement represents "the most advanced regulatory partnership that the FCA has signed, connecting the UK to a market of 24 million people and ensuring stronger commercial ties with Australia's rapidly growing fintech sector."
Hammond is also agitating for new industry standards that would remove barriers to partnerships between banks and FinTech firms. He believes that the program announced today "sets out how we will ensure the UK remains at the cutting edge of the digital revolution."