The UK’s HM Treasury has announced its Budget 2020. Among a number of policy pledges, the HM Treasury announced:
1. Crypto-assets consultation: To protect consumers and support innovation in crypto-assets, the government intends to consult on a measure to bring certain crypto-assets into scope of financial promotions regulation. The government also intends to consult later in 2020 on the broader regulatory approach to crypto-assets, including new challenges from so-called ‘stablecoins’.
2. Digital currencies discussion paper: The government looks forward to the publication of the Bank of England’s discussion paper on a possible UK central bank digital currency (CBDC).
3. FinTech review and delivery panel: The government has invited Ron Kalifa OBE to lead a major review into the finTech sector. The government will also extend funding for the FinTech Delivery Panel, as well as touring the regions and nations of the UK to showcase its diverse range of finTech firms.
4. Call for evidence for the Payments Landscape Review: In light of rapid technology developments, HM Treasury, working alongside the regulators and the Financial Policy Committee, is leading a Payments Landscape Review to make sure the UK’s payments infrastructure and regulation are keeping pace. As part of this, HM Treasury will shortly be publishing a call for evidence to ask what more could be done by the government, industry and regulators to support a more innovative and resilient payments system and ensure the UK payments sector remains world leading.
5. Open finance for SMEs: In order to realise the vision for truly open finance, in which SMEs can share their data at the touch of a button, making it faster and easier to shop around for credit, HM Treasury will convene a summit with those at the cutting edge of industry innovation to establish what further data needs to be opened up.