A new 'cryptoassets task force' will be set up to help Britain exploit the potential benefits of the underlying technology.

The team, comprising staff from the Treasury, the Bank of England and the Financial Conduct Authority (FCA), will also help the UK manage the risk around virtual currencies.

The new task force will be announced by Chancellor Philip Hammond at the government's second International FinTech Conference held today (22 March).

A new UK-Australia ‘FinTech bridge’ to help British firms expand internationally and the next steps in ‘robo-regulation’ to make it faster and easier for FinTech firms to follow complex regulations are also expected to be unveiled.

"From the square mile in London to Scotland’s Silicon Glen, the UK leads the world in harnessing the power of FinTech as we create an economy fit for the future," Hammond said.

"I am committed to helping the sector grow and flourish, and our ambitious Sector Strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution."

The government's FinTech Sector Strategy will also include creating a set of industry standards to enable FinTech firms to more easily partner with existing banks and appointing three new FinTech Regional Envoys to ensure that the benefits of FinTech are felt across the UK.

At the conference, secretary of state for digital, culture, media and sport Matt Hancock will also announce that Tech City UK is building a world-leading FinTech programme across the country.

This will support new companies in the sector across the UK to become tomorrow's global FinTech firms.

"We are determined to make Britain the best place to start and grow a digital business while giving consumers more choice when it comes to managing their money," Hancock said.

"This new nationwide fintech programme will help startups right across the country flourish in the future and spread the benefits of this pioneering technology."

The FinTech sector contributes £6.6bn annually to the UK economy, and employs over 60,000 people across 1,600 companies.

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