On 26 April 2018, the FCA published a speech given by Mary Starks, Director of Competition, FCA. The speech is entitled Blockchain: considering the risks to consumers and competition.

Highlights in the speech include:

  • blockchain technology has numerous useful applications but there are potential risks to consumers and competition to be considered;
  • cryptoassets are a well-known application of blockchain which has demonstrated some risks, and may require further monitoring going forward;
  • distributed ledger technology shows potential promise for improving the financial services market but these benefits need to be balanced against the risks to competition which may emerge; and
  • understanding more about blockchain is crucial to ensuring the FCA encourages the promise of the technology while remaining mindful of the potential pitfalls.