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<p>The Government has invested over £10 million through Innovate UK and the research
councils to support a wide variety of DLT related projects. The Government has also
created a £20 million GovTech Catalyst Fund to explore technology-based solutions
for public sector challenges, potentially including the use of DLT.</p><p> </p><p>The
Government set out its approach to cryptoassets and the underlying distributed ledger
technology (DLT) in the report of the Cryptoassets Taskforce<sub><sub>[1]</sub></sub>.
The Government wants to encourage responsible development of legitimate distributed
ledger technology (DLT) and cryptoasset-related activity in the UK, while also mitigating
risks.</p><p> </p><p>The financial regulators continue to provide a platform that
facilitates innovation and the development of new technologies in the financial system.
For example, the Financial Conduct Authority has accepted a significant number of
DLT-based projects into its Regulatory Sandbox. The Bank of England has also committed
to ensure that its new RTGS service will be compatible with DLT-based payment systems.</p><p>[1]
The full report of the HM Treasury/Financial Conduct Authority/Bank of England Cryptoassets
Taskforce is available here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf</p>
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