Just read UK Gov’t Faces Questions Over Impact of Crypto Bear Market on UK Blockchain Industry

UK Gov’t Faces Questions Over Impact of Crypto Bear Market on UK Blockchain Industry

The U.K. government has faced questions over whether it is actively monitoring the impact of the global crypto market downturn on the domestic blockchain industry, Finance Feeds reports September 18. The Taskforce comprises HM Treasury, the Bank of England and the Financial Conduct Authority (FCA), and is charged with assessing the benefits and risks of crypto, as well as of the use of blockchain in financial services. The group is also considering what, if any, regulation would be appropriate for the space and is reportedly set to publish a forthcoming report outlining its recommendations this fall. Glen has also this spring reportedly emphasized that the UK government “currently has no plans to recognise digital currencies as legal tender [n]or to propose designating them as financial instruments”. The U.K, as Finance Feeds notes, does not broadly regulate crypto, except for certain derivatives such as crypto-based Contract For Differences (CFDs).

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Wednesday, September 19, 2018