The UK and US have created a new Taskforce for better collaboration on the regulation of digital assets including cryptocurrency.

The Transatlantic Taskforce for Markets of the Future will sit under the existing Financial Regulatory Working Group agreement between the UK and US, which has a deadline of six moths for initial recommendations.

The Taskforce will make recommendations to enhance collaboration on capital markets and digital assets and other innovative financial activities.

These recommendations are to be developed in close collaboration with industry partners to ensure the countries unlock opportunities for investors, businesses, and market participants on both sides of the Atlantic.

The Taskforce will explore options for short-to-medium term collaboration on digital assets whilst legislation and regulatory regimes are still developing, as well as options for long-term collaboration and additional opportunities for wholesale digital markets innovation.

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It will also explore options to improve links between the nations’ capital markets to enhance the growth and competitiveness of both UK and US markets, focusing on reducing burdens for UK and US firms raising capital cross-border.

The first round of recommendations are due in 180 days, with Reuters reporting that the regime will look for better coordination when it comes to oversight of stable coins and crypto.

The agreement was made formally by Chancellor of the Exchequer Rachel Reeves and US Treasury Secretary, Scott Bessent, upon his visit to Downing Street for a joint industry roundtable.