UK Treasury Committee Inquiry Report: Crypto Asset Industry

Innovate Finance | Oct 5, 2022

A paper produced by Innovate Finance and Shearman & Sterling for the House of Commons Treasury Committee inquiry into the crypto-asset industry

Innovate Finance, working with Shearman & Sterling, has submitted a comprehensive evidence paper to the House of Commons Treasury Committee inquiry into crypto-assets. Details of the inquiry can be found here.

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In this paper we make the case that:

  • Crypto-assets – or digital assets – are part of a technological transformation of finance, which alongside and in conjunction with other technology, will drive a new wave of digital innovation across financial services and the systems and infrastructure that underpin them.
  • The application of digital assets and digitalisation in financial systems and services will create significant, real-life value and benefits – with far-reaching use cases that will improve economic productivity, facilitate new forms of consumer-to-business and business-to-business payments, improve the flow of capital to sustainable and growing businesses and tackle financial exclusion. There is an opportunity for the UK to benefit from this economic and social value, both domestically and globally.

See:  UK government: Sets sights on being a global hub for cryptoasset technology with flexible future regulation

  • This will shape the future of finance, including financial markets and payments systems, around the world. The UK’s approach will therefore determine our position in global finance as well as contributing to future UK growth, jobs and productivity.
  • Digital assets provide an opportunity for the UK to be the leading global financial centre, building on our track record of innovation, financial services and our legal system. This calls for agile regulation, providing consumer and investor confidence, mitigating risks, supporting competition and new entrants, and promoting innovation.

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