The Taskforce’s final report outlines the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services.

Key Points:

..The Report provides an overview of crypto-assets and their underlying technology, assesses the associated risks and potential benefits, and sets out a new path for the regulation of crypto-assets in the UK.

..The Report states that the most immediate priorities for the three authorities comprising the Taskforce are to mitigate the risks to consumers and market integrity, and to prevent use of crypto-assets for illicit activity.

..By the end of 2018, the FCA will consult on: i) additional perimeter guidance specific to crypto-assets; and ii) a potential ban on the sale of derivatives referencing cryptocurrencies like Bitcoin to retail customers...