Full text of the speech by the Minister of economy of the UK Ministry of Finance: blockchain is the most misunderstood invention in business history

Chain catcher 2022-04-05 14:00:04 阅读数:334

text speech minister economy uk

source : British government Official website

compile : Hu Tao , Chain catcher

Introduction :4 month 4 Japan , The Minister of economy of the UK Treasury John Glen stay 2022 Keynote speech at the global summit on innovative finance during the financial technology cycle in , It means that the British government confirms to bring the stable currency used as a means of payment into the scope of payment Supervision , Create conditions for stable currency issuers and service providers to operate and invest in the UK . meanwhile , The British government is considering DAO、 Encryption, taxation and other aspects of amending the law , To make the UK the best place in the world to start and expand encryption companies , And become the global encryption asset Technology Center .

The following is the compilation of the original text by the chain catcher , There is a partial deletion :

The ladies , Gentlemen. ,

In business history , There has never been such a hyped and misunderstood invention as distributed ledger technology and blockchain .

For the sake of simplicity , I will use all inclusive terms “ encryption ” or “ Encryption technology ”.

But I mean let “ encryption ” Become possible extraordinary 、 Capricious underlying technology …… What we can be sure of is , It will have a far-reaching impact in many fields .

It doesn't happen very often .

This is a challenge , It's also an opportunity . Today I want to tell you , In the UK , How we will deal with .

Because we want this country to be a global center —— The best place in the world to start and expand encryption companies .

If I want you to leave a message today , That is, Britain is open to business — Open to cryptocurrency companies .

We are still at the cusp of this technological breakthrough .

But there is not even a consensus on the meaning of encryption ...... When or whether we will reach some kind of steady state ...... Even whether encryption itself is a good thing .

There is a huge debate between skeptics and evangelists , And there is a wide range of views between the two .

Some people are very worried about cryptocurrency and how it will hurt consumers , Or provide a platform for illegal activities that are not supervised by the government , And increase carbon emissions .

Others say it's the best thing ever . They think that , Encryption can do some things , For example, completely changing global finance , By making financial transactions more transparent 、 Efficiency and democracy , And put money in the hands of the people rather than the State .

This makes us have a big question to answer here in the UK : How we will deal with ?

Our answer is :

If encryption technology will become an important part of the future , Then we - The British - Want to enter and be at the bottom .

in fact , If we promise now …… If we act now …… We can lead the way .

We heard concerns , Some of them are effective .

That's why in this country , We have said that we will protect consumers by legislating to bring certain encrypted assets into the scope of financial supervision . It is important for investors to understand the risks they take .

and , As the Bank of England's financial policy committee recently pointed out , We also note that , With the development of encryption technology and closer contact with the core financial system , We need to ensure that regulators have the right tools to manage the associated risks .

We also know that , Encrypted assets have proven attractive to criminals and hostile countries . That is why we take positive measures to prevent their abuse .

since 2020 year 1 Since the month , Crypto asset companies operating in the UK have been subject to money laundering regulations , We recently consulted on the implementation of the FATF's encrypted asset transfer travel rules .

We have a very powerful system , We will not compromise on these high standards .

Especially on the issue of Russia , Financial sanctions enforcement office and FCA And the Bank of England issued a joint statement , Reiterate that crypto asset companies must play a role in ensuring that sanctions are implemented , And provide guidance on how to do this .

The UK is also playing a leading role in the negotiations on the new OECD tax reporting framework for encrypted assets , Ensure greater tax transparency and consumer confidence in the industry , And provide a level playing field for global tax reporting .

In terms of carbon footprint , Britain is the world's leading green financial center . therefore , Of course , We will pay close attention to the energy use related to some encryption technologies .

These are perfectly reasonable questions .

however , similarly , We see the great potential of cryptocurrency . We hope to give ourselves every opportunity to give full play to our greatest advantage . We will not lower our standards , But we will maintain a technology neutral approach . Having strong and effective regulation will not hinder innovation , It actually promotes innovation —— Give people confidence and long-term thinking through investment .

How will we do this ?

ok , There are three key things in our favor .

We have a detailed plan , We are determined to learn quickly . The government will harness the potential of blockchain and support the development of the world's best encryption ecosystem .

Our view is , Cryptocurrency will affect many different industries —— Including financial services .

Change will be dynamic , This means that the way we regulate encryption technology also needs to be dynamic . Just like other financial activities and products .

We should not regard regulation as static 、 Rigid things .

contrary , We should start with regulation “ Code ” Think from the perspective of , Like computer code , We improve and rewrite it when needed ...... Tailored and proportionate , Yes ...... But it's also flexible and technology neutral ...... Shaped by your input and advice , And working with the Ministry of Finance and regulators through the crypto asset working group , Jointly create a dynamic regulatory environment suitable for everyone .

Of course , I am very familiar with the recent reports about temporary registration . For new regulators and regulators , This is a new world . We need to work together , learn from each other , Keep these high standards , At the same time, work flexibly according to the speed required by the speed of innovation .

last year , How do we regulate the so-called “ Stable currency ” They consulted , Some companies are keen to develop this currency for payment purposes .

today , We will post our response . As part of it , I can confirm that we will legislate to incorporate certain stable currencies into our payment framework , Create conditions for stable currency issuers and service providers to operate and develop in the UK .

This will also enable consumers to use stable currency payment services with confidence . The government will introduce this legislation , As part of its ambition to provide the world's leading regulatory regime for a stable currency .

First , We want to focus on areas of direct potential and concern in the field of encryption —— So we are committed to stabilizing the currency .

But we are now expanding this vision .

We think the market has changed enough , We can consider regulating a wider range of encryption activities , Including token transactions such as bitcoin . We will also consult the world's leading systems for other encryption markets , Such a system would promote safe and sustainable development , I hope to innovate quickly .

Looking forward to the future , The legal environment will also be crucial .

British law and our world's leading legal services and courts are already a huge asset , And can play an important role in making the UK an attractive center for all digital things and more generally new technologies .

I want to thank you for Geoffrey Vos The important work done by the British judicial task force chaired by Sir Alex in the application of British law in this field .

I would also like to thank the Legal Committee for all its work on digital assets and smart contracts , And is pleased to announce , We asked them to start a new project , Consider the legal status of decentralized autonomous organizations .

These projects help ensure that we are always at the forefront of legal innovation , It's like we're here 19 Century for limited liability companies and 1990 The legal framework of derivatives and securitization markets in the s did . British law can and should provide a legal basis for the use of these borderless technologies .

Of course , All these activities are taking place in the context of exciting transformative innovation around the next development of the Internet :Web3, As many people say .

No one knows for sure Web3 The appearance of the . However, blockchain is likely to become an indispensable part of its development , A more decentralized 、 Open and user owned ecosystems .

We hope this country can stand on the front line , Looking for the biggest economic opportunity .

The government is already working with digital regulators , Understand what issues need to be considered in order to bring the best interests to the public .

We will also be in close contact with you on the changes we want to make to the tax system .

in general , We don't think the tax law needs major surgery to make it easier to use cryptocurrency .

But we will study and solve specific problems , for example DeFi Loans and Staking To deal with . We will revise the investment manager exemption policy , To eliminate adverse factors for UK fund managers , Including crypto assets in its portfolio .

most important of all , We want to position the UK as a jurisdiction that supports innovation , This is attractive to foreign investment and companies that have not established a fixed base .

The second thing we have to do is that we are determined to learn quickly .

Britain is already passing FCA Has a good record of regulatory sandbox promotion experiments , The sandbox supports 50 Many companies using blockchain .

FCA Announced today , They will organize a series of... Next month “ Encryption sprint ” The first activity in , Involving dozens of industry experts .

The sprint will be in real time FCA Policy thinking provides information , Participants will be responsible for addressing some of the legal challenges facing the industry 、 Technical and regulatory challenges , Then put forward practical solutions , Our government will take action as soon as possible .

We will also provide financial market infrastructure sandbox , This was announced by the chancellor of the exchequer last year , We have made good progress in this regard .

By the Bank of England and FCA The operating sandbox will allow the company to experiment and innovate in providing services that support the market . especially , This will enable them to test new technologies , These new technologies can improve efficiency 、 Improve liquidity 、 Improve transparency and security to change financial markets .

We plan to start and run it next year . If it tells us we need to update the relevant legislation , Then we will do the same .

In the same spirit , We will also establish a high-level industry group , Crypto asset participation group , To help guide us to the next step .

direct 、 Open communication channels are chaired by ministers —— And from FCA、 Together with senior representatives of the Bank of England and the business community —— Up to eight meetings a year , And have a complete and positive agenda .

Not just talking …… Speak and then make up your mind , Specific actions . Inform and accelerate ongoing work elsewhere , Including regulators .

Our third and last key advantage is that the government will play a leading role .

Unlike the European Union and the United States , There are fewer regulators in the UK , The central government formulates the overall framework , Can take decisive action . therefore , We can move very flexibly .

and , believe me , We have a firm 、 Unified 、 A single-minded government , It will give priority to this .

for example , We will carry out a work plan , Explore whether it is possible to DLT ( notes : Distributed ledger technology ) Applied to the debt issuance process .

Britain can one day use DLT Issue debt instruments ? I don't know the answer yet …… But let's find out .

We will set an example .

We are already effectively using encryption technology to improve government efficiency . We are developing opportunities to use distributed ledger technology for customs and international trade , To simplify the import of goods , We will continue to support opportunities for further deployment of this technology .

Last , I announce today , The chancellor of the exchequer has asked the Royal Mint to create a NFT And will be released in the summer , This is a symbol of the forward-looking approach we are determined to take , And there will be more details soon .

So ladies and gentlemen ,

There is a real opportunity to consolidate our advantages in financial technology , Seize the capitalist energy that has made UK financial services a reality , And use it to release the potential of encryption technology .

It won't happen overnight , Although I am grateful that many of you want it to happen . But we will get there as soon as possible in a reasonable and responsible way .

So what will the future of British cryptocurrency look like ?

No one can confirm .

But we think that , By making this country a hospitable place for cryptocurrencies , We can attract investment 、 Create a lot of new jobs , And create a wave of breakthrough new products and services .

We are on the cusp of something important .

We have the opportunity to shape and lead it .

This is what we have to do .

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