The UK’s newly established cryptocurrency task force held its first meeting to study what kinds of regulations might be required on the blockchain and cryptocurrency sector.

The UK's Cryptoassets Task Force, which was established in March of this year, is composed of officials from the Bank of England, the Financial Conduct Authority and Her Majesty’s Treasury. It held its first official meeting on Monday, May 21st, 2018. Those present for the discussion went over key issues that will help with the cryptocurrency and blockchain industry in the UK.

The purpose of the task force is to study the benefits and drawbacks to cryptocurrency as well as helping to establish a broader use of blockchain technology. The group looks at areas that blockchain technology can greatly improve the lives of UK citizens and promoting more efficient business practices.

Key questions discussed on Monday were basically looking at the impact cryptocurrencies have as a whole, to understand the benefits of blockchain technology in the financial industry and to assess what, if any, regulation needs to be put on cryptocurrencies.

FCA chief executive Andrew Bailey noted that cryptocurrencies have had a huge public interest of late, including the global market and the FCA itself. "We look forward to working with our counterparts at the Bank of England and the Treasury as part of the taskforce to develop thinking and policy on cryptoassets," Bailey said.