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The Government established the Cryptoassets Taskforce – comprised of HM Treasury,
the Financial Conduct Authority and the Bank of England – in 2018 to explore the risks
and potential benefits of cryptoassets and the underlying distributed ledger technology
(DLT). The Taskforce’s final report<sup><sup>[1]</sup></sup> concluded that benefits
associated with the use of cryptoassets may arise in the future, but that the most
immediate priorities for the authorities are to mitigate the risks posed by cryptoassets
to consumers and markets, and to prevent the use of cryptoassets for illicit activity.
As part of this, the Government will consult on its approach to cryptoassets this
year. In addition, the authorities continue to encourage the responsible development
of legitimate DLT and cryptoasset-related activity in the UK.<p> </p><p>[1] Full version
of the report is available at: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf"
target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf</a></p>
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