The City of London Corporation, the Digital Sterling Foundation, the Payments Association and lobby groups TheCityUK and UK Finance have joined forces to form the Cryptocurrency Alliance, which aims to develop better policy, practice and regulation for the digital currency space. The coalition also hopes to help further the UK's ambition to become a crypto hub, with plans to mitigate real risks through education while mitigating the perceived risks of cryptocurrencies, and will facilitate discussions between the financial services industry and cryptocurrencies. Foresight News previously reported that the British Parliament is discussing the British Financial Services and Markets Bill, which, if passed into law, will give local financial regulators more power over cryptocurrencies.