Record of the latest speech of the UK finance minister on cryptocurrency

Auspicious time communication 2022-04-06 13:55:43 阅读数:768

record latest speech uk finance
What will the future of cryptocurrency in the UK look like ?

The original title :《 The latest speech of the UK finance minister on cryptocurrency 》


This paper is about 2022 year 4 month 4 The Minister of economy of the British Ministry of Finance John Glen stay 2022 Summary of keynote speech delivered at the global summit on innovative finance during the financial technology cycle in , Originally published on Gov.UK, Chinese is translated and sorted by Guosheng blockchain Research Institute .

The British government attaches great importance to this speech crypto Cryptocurrency market and related technologies , Will be open 、 Fully support the encrypted asset market from the policy and regulatory levels , So that Britain will stand in the leading position in the field of cryptocurrency in the world in the future .

The Minister of economy of the UK Treasury John Glen Think , Britain's position in the field of financial technology is second only to that of the United States . But we should consolidate this position and make further breakthroughs , The biggest motivation comes from participating in the cryptocurrency market . At present, it seems that it will be carried out in three steps :

1、 draw up a plan 、 From adjusting the regulation of the encryption market 、 Bring the stable currency into the official payment system 、 Full legislative protection 、 Adjust the tax system, etc ;

2、 Establish rapid learning 、 A mechanism for rapid action , Adapt to the dynamic changes of the encryption market

3、 The government will play a leading role as a whole

in general , This speech mainly conveyed Britain's determination to actively participate in the cryptocurrency market , And has made practical actions to occupy the leading position in the industry in the future .

translation : The Minister of economy of the UK Treasury John Glen keynote speech

Fintech is such a fast changing 、 Such an exciting industry . Of course , Thanks to the dedicated efforts and professional thinking of all of you . When Prime Minister Ricci · When sunak thinks and looks forward to the future 、 It's time to think about how to support the economic recovery 、 Especially when promoting the UK to become the best financial center in the world , Financial technology is also one of the most important sectors .

Economic development is inseparable from the promotion of various financial services , And it is absolutely inseparable from the endogenous power generated by the continuous growth of financial technology . The British 2021 The compound growth rate of investment in financial technology reached 200%. We are the leading financial technology hub in Europe , In the world, it is also second only to the United States . Half of Europe's fintech unicorns are located in the UK , Last year, it attracted more investment than France 、 Virtue 、 The sum of Sweden and the Netherlands .

Of course it's important . As the prime minister said when communicating with you last year , He believes that the reason why Britain can become a world-class financial center is technology , Technology helps everything do better . So there is no doubt that the prime minister and I attach great importance to you , And we will do our best to support you further . That's why we entrusted Fu run · Kalifa thinks about the construction of UK financial technology field from an independent perspective , And worked hard to implement each of his suggestions .

FCA( Financial market conduct authority ) Has expanded and enhanced its world leading regulatory sandbox ( Translation notes : according to FCA The definition of ,“ Regulatory sandbox ” It's a “ Safe space ”, In this safe space , Fintech companies can test their innovative financial products 、 service 、 Business model and marketing method , Instead of being immediately bound by regulatory rules when relevant activities encounter problems ), And named it Scalebox. And a few weeks ago , British non-profit organizations “ Innovative finance ” They just announced the establishment of the international financial technology organization , Will work with the UK Department of international trade to discuss .

One of the key points of Khalifa's proposition is to establish a new 、 National level financial subject :CFIT( UK centre for financial innovation and Technology ), Its arrival will be a powerful boost to UK financial technology in the future . Khalifa himself will act as CFIT Chairman of the Committee , In fact, last week, all members of the committee were convened for the first meeting since its establishment .

Another recent milestone in UK fintech should be open banking ( Translation notes : Open banking refers to the UK's push for banks to cooperate with third-party platforms , To open API To share financial data in the form of , Also return the dominance of financial data to consumers , So that consumers can get more diversified financial services . At the same time, the relationship between banks and fintech companies has changed from competition to cooperation ), Open banking enables technology to foster innovation and empower consumers . We will also set up a new supervision and management committee to adapt to the development of open banks in the future .

In the UK , Financial technology is booming . however , In fact, there are more to look forward to .

Whether for the prime minister 、 For the Ministry of Finance , Personally , There is a special information that I hope to share with you :

Throughout the history of commercial society , There has never been an innovation like today's blockchain and distributed ledger Technology , Being hyped and misunderstood . Simplicity , Later I will use the more well-known “ Cryptocurrency ” This term refers to .

But I'd like to mention more about the technology that makes cryptocurrency work on it . I'm sure these technologies will have a far-reaching impact in all aspects . These are not what we often experience . It's both a challenge and an opportunity . Now I will tell you the answer Britain will give to this :

All the major premise is that we hope Britain can become a world financial hub , Become a dream place to create and expand cryptocurrency companies . If there is only one conclusion today , That would be : The UK is open to cryptocurrency business 、 A warm welcome .

We are standing on the eve of the explosion of cryptocurrency Technology , But at present, there is no broad consensus even on what cryptocurrency can bring us . For example, whether we will move towards a steady state 、 When will this happen 、 Or whether cryptocurrency is a useful thing, and so on . These issues have caused a lot of debate between supporters and opponents of cryptocurrency , There are also various views .

Some people are worried about cryptocurrency , Some think it will harm the interests of consumers , Some think it is a platform for illegal sexual activities outside the supervision of the government , Others worry that this will increase carbon emissions . Others say it's an unprecedented good thing : They argue that cryptocurrency makes financial transactions more transparent 、 Efficient 、 democracy , Will bring about world financial change , Then transfer the currency from the hands of the state to the hands of the people .

These discussions prompted us to think about how to answer , So here is our answer :

If cryptocurrency technology will occupy an important place in the future , Then we in Britain must participate in , Second, we should occupy a favorable position .

in fact , If we start to see this way now , Then start doing something , Then we can be the best .

Many people's concerns sound reasonable , That's why we've talked about protecting consumers , We have introduced relevant cryptocurrency asset legislation in the financial promotion regulations , In order to make investors fully understand the risks they will take after their participation ; And as the Bank of England's financial policy committee recently released , We note that when cryptocurrency technology is increasingly connected with the core financial system , We need to ensure that regulators have appropriate tools for risk control and management ; In addition, we also see that some criminal groups or hostile elements are also eyeing encrypted assets , We have also taken positive measures to avoid these abuses .

2020 year 1 Month begins , Crypto asset companies in the UK are subject to 《2007 UK anti money laundering Ordinance (Money Laundering Regulations)》 Constraints , We are also discussing the implementation of FAFT( Financial Action Task Force on money laundering )( Translation notes :FATF Travel Rule It's England 2021 Regulations issued in , Used to regulate online and cryptocurrency transactions , Prevention of money laundering ) To regulate encrypted asset transfers .

We have robust systems to meet these higher standards . Especially on the issue of Russia ,OFSI( Financial sanctions enforcement office ) And FCA And the Bank of England issued a joint statement , Reiterated and guided the responsibility of crypto asset companies , Ensure the implementation of sanctions against Russia .

In Britain OECD( OECD ) Play an important role in the discussion of encrypted asset tax reporting framework . This will enhance tax transparency and consumer confidence , Provide a level playing field for international tax reporting .

In terms of carbon emissions , Britain is also a leading practitioner of green finance in the world . Of course, we will also pay close attention to the energy use related to encryption technology . These are our answers to this question .

But again , We should also see the huge space to be explored in the field of encryption . We hope to seize these opportunities and make the most of them . Without lowering the standard , We will maintain a neutral attitude : Because by strengthening people's and enterprises' confidence in long-term investment . Strong and effective regulation will not hinder innovation , It actually promotes innovation .

So how will we do this ? There are three key steps :

1、 Make a detailed plan

Dynamic regulation . Our view is , Cryptocurrency will gradually affect all walks of life, including financial services . This effect will be dynamic , This means that the way we regulate encryption technology also needs to be dynamic , Just like when regulating other financial activities and products , Static and rigid don't work . contrary , This process may be more like managing computer code , Just as you often need to upgrade and rewrite code for greater adaptability and customization . At this time, we need to cooperate with the Ministry of Finance and regulators through the encrypted assets working group , Work together to create a suitable for everyone 、 Dynamic regulatory environment .

I've been paying close attention to FCA To launch the “ Temporary licensing system “(Temporary permissions regime) This is a new world for new regulators . We need to work together , learn from each other , While maintaining these high standards, be flexible to work at the rate of innovation required by today's world .

Stable currency . last year , How do we regulate the so-called “ Stable currency ” There was a discussion , Indeed, some companies on the market are keen to develop this currency for rich payment scenarios . Today, since we are here to release our answers to the future . Now I can firmly say that we will legislate to incorporate some stable currencies into our payment framework in the future , Create conditions for the operation and development of cryptocurrency issuers and corresponding service providers in the UK . For consumers , This will enable them to pay with stable currency at ease . For the government , Passing this legislation can also demonstrate its determination to provide the world's leading regulatory system for the stability currency .

We are committed to stabilizing the currency because we want to focus first on areas with direct potential and high attention in the field of encryption . But we are now trying to expand our coverage . The market is undergoing earth shaking changes every day , We can consider running a wider range of encryption activities , Including token transactions such as bitcoin . We will also provide the world's leading mechanism for other cryptocurrencies and transactions , This mechanism brings not only security and sustainable development , And quick response 、 innovation .

The legal environment . The legal provisions accumulated by Britain from its long history 、 Legal services and courts are already great spiritual wealth , In the future, they will play a more important role in the digitization of everything . I want to thank you for Geoffrey Vos The outstanding contribution of the UK judicial task force, chaired by the UK, in this particular direction . I would also like to thank the Legal Committee for all its work on digital assets and smart contracts , And is pleased to announce that they are carrying out a new project : The legal status of decentralized autonomous organizations .

These projects help us stay 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 of the above activities are taking place under the next exciting change around the Internet :Web3, As many people say . Although no one is completely sure Web3 What should it look like . However, blockchain is likely to become an indispensable part of its development , Make it more decentralized 、 Open and user owned ecosystems . At this time , We want Britain to be at the forefront , Look for one of the biggest opportunities .

The government is already working with digital regulators , Understand which problems can be solved to bring the greatest utility to society . We will also move forward with you , For its The tax system Reform , Although on the whole , We don't think the tax law needs to be significantly adjusted to adapt to cryptocurrencies . We have to study and solve specific problems , for example DeFi Loans and Staking. We will revise the investment manager exemption policy , Remove barriers to UK fund managers investing in crypto assets .

All in all , We want to position the UK as a region that supports innovation , Remain attractive to foreign investment and growing companies .

2、 The second thing is that we have made up our mind to learn quickly .

Through FCA The experimental aspect of supervising the sandbox , Britain has won many wars , The sandbox already supports 50 Many companies using blockchain .

FCA Announced today , They will organize... Next month “ Encryption sprint ” The first activity in the series , Dozens of industry experts will be involved . This series of activities will be FCA Decision making continues to provide reference , The experts involved will be responsible for solving some legal problems faced by the industry 、 Technical and regulatory challenges , Then put forward practical solutions , The government then took immediate action .

We're also going to launch Financial market infrastructure sandbox , The prime minister announced this last year , We have also made good progress in this regard . By the Bank of England and FCA The operating sandbox will allow companies serving the market to experiment and innovate . 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 this work next year , If necessary, we will also update the relevant legislation .

Also consider , We will also establish A high-level industry group : Crypto asset participation group , To guide our way forward . This industry group will become a direct and open communication channel . The group is chaired by ministerial officials —— 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 . This group is not just discussing , More importantly, discuss and make up your mind 、 Put it into action .

3、 The third thing , It's also a big advantage , It is the government that will play a leading role .

Unlike the European Union and the United States , There are fewer regulators in the UK . The overall framework is formulated by the central government , So you can act decisively . therefore , We can switch and connect very flexibly .

And we have a firm 、 Unified 、 A single-minded government , Will put decisive action first . For example, we have a plan to explore the possibility of DLT( Translation notes : Distributed ledger technology ) Applied to the process of bond issuance . Britain can one day use DLT Issue bonds ? I don't know the answer yet …… But let's set an example 、 Try to find the answer .

We have done quite well in using encryption technology to improve government efficiency . We are exploring the possibility of using distributed ledger technology in customs and international trade , To simplify the process required for the import of goods .

Last , I announce today , The prime minister has asked the Royal Mint to create a NFT And will be released in the summer , This indicates that we have made up our mind to go this way , And it will be able to draw more details in the future .

So now , There is a real opportunity to consolidate our strengths 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 .

This can't be done in a moment , Although many of you want it to become a reality immediately . We will try our best to reach the other side of success as soon as possible in a reasonable and responsible way .

Back to the topic , What will the future of cryptocurrency in the UK look like ? No one can be completely sure . But we think that , By making Britain a haven for cryptocurrency , We can attract investment 、 Create a lot of new jobs , And create a number of breakthrough new products and services .

We are at the cusp of change .

We have the opportunity to shape and lead it .

This is what we have to do .

Related original

版权声明:本文为[Auspicious time communication]所创,转载请带上原文链接,感谢。