Category Archives: Andrew Bailey

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UK Government Questioned on Protection of Domestic Blockchain Industry in Bear Market

A question was posed to Lord Bates in parliament Monday regarding the UK’s ability to support the domestic blockchain industry in the current bear market that Bitcoin and other cryptocurrencies are facing.

Lord Taylor of Warwick asked his colleague: “Her Majesty’s Government, what assessment have they made of reports that the value of crypto-currencies in the United States is falling, and of the potential effects that such a decline might have on the UK blockchain industry?”

Lord Bates, Minister of State at the Department for International Development responded, saying that as of yet the government has not made a formal assessment of the implication that the current market performance might bring. He added, ”However, the Government continues to monitor developments in the cryptocurrency market.”

The Cryptoassets Taskforce was pointed to by Lord Bates as evidence that the government is taking the potential risks of cryptocurrencies seriously. The taskforce comprises of members from HM Treasury, the Bank of England, the Financial Conduct Authority (FCA) and members of parliament, and maintains responsibility for determining any issues that the blockchain industry might face.

A report from the Cryptoassests Taskforce is due this Autumn, and Lord Bates’s pressing question will hopefully be answered within the publishment.

A ‘balanced approach’

Last week, Bitcoin News reported that the UK’s FCA chief Andrew Bailey wants the nation to take a ”balanced approach” to the cryptocurrency industry. In a speech in London, Bailey said that the FCA is keen to explore the potentials of the underlying technology of cryptocurrency, blockchain. He told the crowd, “The FCA is firmly a supporter of innovation.”

With the UK’s largest financial regulator onside, this is promising that the UK’s growing blockchain industry will get official support, despite the poor performance of the market this year.

 

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UK Financial Regulator Wants Balanced Crypto Approach

The chief executive of the UK’s Financial Conduct Authority (FCA) addressed the issue of cryptocurrencies at a speech in London on Tuesday, a subject with which he said requires a balanced approach.

Speaking at the 2018 regulator’s Annual Public Meeting, Andrew Bailey initially brought up crypto assets as one of four operational risks significant in the regulators’ current work. While he said that the FCA was ”keen to see the potential of their underlying technology,” he recognized that there are also evident risks, citing a lack of education from consumers who do not understand the price volatility of their investments.

Bailey added that the FCA would not ”rule out roles for cryptoassets themselves”, an approach far from calling for a ban or restriction on trading operations. Combined with his statement that ”the FCA is firmly a supporter of innovation,” UK investors can rest assured that the FCA is not looking to impose any radical changes to the current regulations any time soon.

The section of Bailey’s speech referring to cryptocurrency came to an end with his assurance that the regulatory body was working closely with the Treasury and Bank of England to address any related issues and find ”appropriate responses”, a reference to the Cryptoassets Task Force set up earlier this year in May.

The UK task force held its first meeting on 21 May to discuss the future of blockchain and cryptocurrencies, and to establish ways to mitigate any risks that the growing industry might bring.

Alongside the FCO, the task force includes several senior government officials, the Bank of England and HM Treasury, although they have said they welcome the opinions and input of trade bodies, consumer groups, and investors in order to gain a broader perspective.

The UK has already begun establishing itself as a leading country in the blockchain industry; the outcome of these discussions are crucial in deciding whether this can remain the case in the future.

 

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UK ‘Cryptoassets Task Force’ Begins on Positive Note

The UK government’s ‘Cryptoassets Task Force’ met for the first time on 21 May as part of the country’s plan to regulate the cryptocurrency and blockchain space, reported Crowdfund Insider.

One of the functions of the UK government’s task force will be to examine the risks of blockchain technology and mitigate these while examining the benefits of ledger technology in financial services. The Cryptoassets Task Force, consisting of the UK Treasury and the Financial Conduct Authority (FCA) has been set up for this purpose and is expected to report back in the summer with its findings in a roundtable scheduled for July, according to Bitcoin News.

The previously announced group involves the participation of the FCA, Bank of England (BoE), HM Treasury and other senior government officials. Some of the named participants include Katharine Braddick, director general of financial services at HM Treasury, Andrew Bailey, chief executive of the FCA, and Dave Ramsden, deputy governor of the BoE.

Bailey commented on the cryptocurrency status quo in the country saying that he was looking forward to working with both the BoE and the UK Treasury in order to develop policy.

Ramsden started on a positive note focussing on the what he saw as the potential benefits to the financial system on the UK economy:

“This task force will enable us to work closely with the Treasury and the FCA to explore how the opportunities posed by these technologies can be realized, while also tackling the risks arising from crypto assets.”

The task force’s analysis will not be limited to the central bank and regulatory bodies, but will welcome contributions from trade bodies, consumer groups and investors, in order to obtain a broad view of opinion from both government and public institutions.

The UK is known as a driving force in blockchain research and the spread of solutions is being utilized by numerous companies, as the country becomes one of the world’s most significant and dynamic fintech hubs. The government is keen to see further development of non-traditional innovation in the light of this recent progress.

BoE governor Mark Carney has moved over time from a position of claiming that cryptocurrency had “pretty much failed” as a form of money, to recent indications that he was not against innovation provided by cryptocurrencies, stating that regulation could potentially “serve the public better”.

British Conservative Member of Parliament (MP) Matt Hancock delivered a speech to the Law Society last month commenting that blockchain technology would have a “monumental impact” on people’s lives in the future.

 

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