Recently established in the UK government working group on cryptocurrency held its first meeting, which agreed to assess what is required for regulation of this market.

In March of this year the British government of UK under the programme for the development of a “sector Strategy FinTech” established “a Working group on scriptactive” to assess the risks and benefits of cryptocurrency, and exploring opportunities for the application of blockchain technology.

A working group was formed by the Treasury (Ministry of Finance), the Bank of England (CB) and the Office of financial regulation and supervision (FCA). Senior officials of the departments at the first meeting the group agreed the purpose of the work:

  • to study the effect of scriptaction (cryptocurrency);
  • to understand the benefits and challenges of applying blockchain technology in financial services;
  • to assess what needs regulation if it is needed.

“Scriptactive become an area of increased interest for markets and regulators around the world, including the FCA. We look forward to the opportunity to work with our colleagues from the Bank of England and the Treasury in the framework of a working group to develop opinion and policy scriptaction,” said FCA Executive Director Andrew Bailey (Andrew Bailey).

It was noted that the group will take into account the already conducted research and analysis of government departments and regulators in the UK. Also it will be open to fresh views of scientists, consumer groups, companies and individuals related to the cryptocurrency space.

“The technologies that underlie scriptaction, can benefit both the financial system and the economy which it serves”, — such opinion was expressed by the Deputy Governor of the Bank of England Dave Ramsden (Dave Ramsden).

The working group is scheduled in July of this year to do a larger round table to discuss cryptocurrency and related technologies.

We will remind that the Parliament of great Britain has previously announced its intention to conduct an investigation in respect of cryptocurrency and blockchain technology, the underlying.