UK Cryptoasset Taskforce will report “early next month” says BBA spokesperson

One of the organisations that has played a role in the soon-to-report Treasury Cryptoassets Taskforce says the process has been open and constructive, and that we should hear its findings soon. 

Talking at this week’s Blockchain Live event in London, British Blockchain Association spokesperson Laura Bailey, laid out the Association’s vision for the next 12 months of sector innovation in the UK and beyond, and gave CryptoNewsReview some insight into the work of the vital Treasury Cryproasset think-tank looking to formulate UK policy going forward.

Bailey told her audience, that the BBA “looks to unite and drive the blockchain ecosystem, led by academic, regulatory and industry-driven standards,” and that “The next 12 months are critical to ensuring the legitimisation and long-term adoption of blockchain.”

The BBA’s Vice Chair, Executive Committee Public Good, Policy & Governance, Laura Bailey

“Britain, especially post-Brexit,” needs, according to the group, to be “a country that does everything it can to bring in Blockchain and DLT – because these companies are not only bringing in new business models, but create an entirely new architecture for how the public and private sectors will transact in the future.”

However, the current “lack of clarity from the FCA and the government” was not helpful. “Talking in theoretical terms now needs to stop,” Bailey said. “We need to move.”

She also told the meeting that the work of the Cryptoasset Taskforce – instigated by Chancellor Phillip Hammond back in March, and to which the BBA has now submitted its recommendations – has been “fantastic”, and that it will be publishing its finding “early next month”.

“Rules and standards need to be put in place to sustain this growing market,” Bailey said – echoing somewhat the findings of the recent Treasury Committee report.

Talking to CNR after the presentation, Bailey expanded on the general tenor of the conversation going on within the Taskforce meetings:

“So there’s been a variety of workshops and meetings and calls, different engagements,” she explained. “The Last one was a very well organised and structured afternoon, which had the Treasury, the FCA and the Bank of England there, with a variety of representatives – industry experts, academia as well. Also a lot of the professional services firms, and the BBA was represented.”

The Bank of England has “obviously selected high-calibre expertise,” to formulate its policies, she said.

“It was very much a consultative process,” was the next observation of note. “Not necessarily them saying ‘these are our views, what do you think’, it was open and constructive discussion.”

The BBA also believes that the recent Treasury Select Committee’s call to tame the “Wild West” of cryptocurrency has placed more focus on the Taskforce’s findings, and that its call for a coherent government policy is now an urgent one.

“Absolutely. the opportunity is still there and it’s not too late. But, if we don’t take action and move forward then it will be too late.”

MAIN IMAGE: @Qadre via Twitter 

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