Britain’s top financial regulator, the Financial Conduct Authority (FCA), has said that the US and UK will deepen their crypto regulatory ties. “In the past, innovative companies would have argued for less regulation. Now they understand and appreciate that the rules are there to help provide certainty,” the UK regulator said.
US and US Strengthen Collaboration on Crypto Regulation
The chief executive of the UK’s Financial Conduct Authority, Nikhil Rathi, presented the FCA’s regulatory objectives to the Peterson Institute for International Economics on Wednesday.
“One of the areas of global interest is crypto, both the opportunities and the risks,” the FCA chief said. “Currently, our mandate is limited to anti-money laundering rules for platforms. We have applied these strict rules as we would any other business wishing to operate in the UK market. »
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The regulator added:
The US and UK will deepen their ties on crypto-asset regulation and market developments, including around stablecoins and exploring central bank digital currencies.
Rathi went on to mention that the FCA held “Cryptosprints” earlier this year, which provided almost 200 participants. “The focus of the events was to address industry views on the current market and the design of an appropriate regulatory regime,” the FCA explained on its website.
The Chief Financial Regulator described:
Participants told us that they want a regulatory regime for crypto-assets as a high priority… They also want gradual regulation over time, to allow companies and investors to prepare and for the rules to work. adapt to the evolution of crypto-assets.
“In the past, innovative companies would have argued for less regulation. Now they understand and appreciate that the rules are there to help provide certainty,” he said.
The FCA chief noted:
We demonstrably support responsible use cases of the underlying technology while ensuring that this does not come at the expense of appropriate consumer protection or market integrity.
In May, the British government presented its legislative program for the next parliamentary year in the Queen’s Speech. One of the bills aims to support “safe adoption of cryptocurrencies and resilient outsourcing to technology providers.” Another aims to create “powers to more quickly and easily seize and recover crypto assets, which are the primary medium used for ransomware.”
Additionally, the UK government unveiled 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 crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by summer.
What do you think of the US-UK collaboration on crypto regulation? Let us know in the comments section below.
Kevin Helms
An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.
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