The UK’s top financial regulator, the Financial Conduct Authority (FCA), has said that the US and UK will deepen their relationship over crypto regulation. “In the past, innovative companies would beg for less regulation. They now understand and appreciate that the rules are there to help provide certainty,” the UK regulator said.
United States and the United States to strengthen cooperation on crypto regulation
The UK’s Financial Conduct Authority chief executive, Nikhil Rathi, outlined the FCA’s regulatory goals on Wednesday at the Peterson Institute for International Economics.
“One area of global focus is cryptocurrencies, both an opportunity and a risk,” said the FCA director. “Currently, our transfers are limited to anti-money laundering rules for platforms. We have applied those same strict rules as we apply to any other company that wants to operate in the UK market. “
The regulator added:
The United States and the United Kingdom will deepen ties in crypto-asset regulation and market development – including in relation to stablecoins and central bank digital currency exploration. nurse.
Rathi went on to mention that the FCA held “Cryptosprints” earlier this year, attracting nearly 200 participants. “The objective of the events is to seek industry perspectives around the current market and design an appropriate regulatory regime,” the FCA explains on its website.
The financial executive describes:
Participants told us that they want a regulatory regime for cryptocurrencies as a high priority… They also want regulation to be changed gradually over time, to allow companies and investors prepare and let the rules match the evolving crypto assets.
“In the past, innovative companies would beg for less regulation. They now understand and appreciate that the rules are there to help provide certainty,” he said.
The FCA Chief noted:
We are explicitly supporting responsible use cases for the underlying technology while ensuring it does not compromise proper consumer protection or market integrity .
The UK government outlined in May its legislative program for the next five parliaments in The Queen’s Speech. One of the bills aims to support “the secure adoption of cryptocurrencies and flexible outsourcing to technology providers.” Another aim is to create “authority for faster and easier capture and recovery of crypto assets, which is the primary vehicle used for ransomware.”
Furthermore, the British government has revealed a detailed plan in April to make the country a global crypto hub and “a hospitable place for crypto.” The plan includes establishing a dynamic regulatory framework for cryptocurrencies, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be released in the Summer. .
What do you think about the US and UK working together on crypto regulation? Let us know in the comments section below.
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