The Government is to launch a new taskforce concerning ‘robo-regulation’ which it says will make it ‘faster and easier for fintech firms to follow complex regulations’.
Whitehall will also reveal a new UK-Australia ‘fintech bridge’ to help UK firms expand internationally.
The measures will be announced by the Chancellor, Philip Hammond, at the government’s second International Fintech Conference, held today.
Mr Hammond said: “From the square mile in London to Scotland’s Silicon Glen, the UK leads the world in harnessing the power of fintech as we create an economy fit for the future.
“I am committed to helping the sector grow and flourish, and our ambitious Sector Strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution. As part of that, a new task force will help the UK to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology.”
The Fintech Sector Strategy will include a Cryptoassets Task Force consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority.
Government will also appoint three new Fintech Regional Envoys to ensure the benefits of fintech are felt across the UK.
The Yorkshire Post understands that one of these envoy positions will be held by Yorkshire Bank boss David Duffy.
As part of the Fintech Bridge, Innovate Finance and FinTech Australia will introduce a regular business to business summit advising the UK and Australian governments on how best to support the sector.