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<p>The government’s ambition is for the UK to consolidate its world-leading position
in FinTech and to become the leading global hub for financial innovation. We have
taken, and will continue to take, key policy steps to achieve this.</p><p> </p><p>
</p><p>Blockchain technology could offer significant benefits across the economy,
including in Financial Services. Accordingly, the Industry is assessing the potential
benefits of blockchain and whether regulation is a barrier to innovation.</p><p> </p><p>
</p><p>The government’s most direct interface with the FinTech industry is the Financial
Conduct Authority (FCA), through its world-leading Innovation Hub to help innovative
businesses that are looking to introduce ground-breaking products or services to financial
services, a model being replicated around the world.</p><p> </p><p> </p><p>On 10 April,
the FCA launched a discussion paper to gauge industry’s views on the future development
of blockchain – and potential barriers to this - which closes in 17 July 2017. In
addition, the FCA is continuing to learn from blockchain use cases being tested in
its Regulatory Sandbox.</p><p> </p><p> </p><p>The government looks forward to hearing
the outcome of the FCA’s work, and will act to remove identified barriers to the adoption
of blockchain, or address identified risks, subject to wider objectives including
financial stability and consumer protection.</p><p> </p>
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