The Cryptoassets Taskforce Reports – Missing the Point

Let me take you back 20 years to 1998 and the days when modems sang to us. In most of the boardrooms around the land those even considering the matter where trying to figure out what use this web thing might be to them, as another smart tech salesperson packed away their gear hopeful of a deal. Others were looking for the 'killer app'. Understandable, back then.

We know better now – and that all this missed the point. Which is why most of those firms no longer exist. We know that the business environment was about to change radically and the choice was not, in fact, to buy- in or not, but to adapt and survive, or not.

The UK Cryptoassets Taskforce Report just published says "Government has set out an ambition for the UK to be the world’s most innovative economy, and to maintain its position as one of the leading financial centres globally.

Great – but pretty much downhill from there. With the feeling that we’re back in one of those late 90’s boardrooms with the coming tidal wave just visible in the distance through the panoramic windows.

Back then few could see how completely our environment would change. Fewer still how fast and how completely it would happen.

Now we know how that goes – or at least we should. That what is changing is not incremental but revolutionary. Not tools or toys, but our entire environment. This time it’s faster. Much much faster.

Which is why it matters so much that the UK’s flagship report which, as one commentator says has “the hallmarks of an early stage analysis” strikes such a defensive tone.

This “relies on the UK maintaining its international reputation as a safe and transparent place to do business in financial services; ensuring high regulatory standards” (and ‘allowing’ selected innovations).

Of course it does but is this a vision for a nation set to lead the world? No – it’s ‘business as usual’. Led by regulation not innovation.

Worse still with the FCA closing in on innovators and their ventures, pre-emptively freezing and closing their bank accounts, the earlier revolution in innovation – of which the government are rightly proud, saying: “the Innovation Hub and Regulatory Sandbox …both of which are held up as global examples of best practice” is in danger.

It seems if we are to survive, let alone thrive, we may need to lead another kind of taskforce. Perhaps more like this one: www.World1stTaskforce.org?

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