The UK and the US will cooperate on crypto regulation, says head of the Financial Conduct Authority
The Financial Conduct Authority (FCA) says that the US and the UK are cooperating on the regulation of crypto-assets.
FCA CEO Nikhil Rathi says the two countries decided to strengthen ties on crypto-asset regulation following bilateral talks weeks ago.
“Separately, the UK and the US also held talks as part of the US-UK Financial Innovation Partnership in London several weeks ago. We agreed to deepen ties on financial innovation after exchanging views on crypto-asset regulation and market development – including in relation to stable coins and exploration of central banks’ digital currencies.”
Rathi says that through CryptoSprints, a forum designed to engage with the digital asset industry, participants earlier this year impressed upon the FCA the need for cryptoasset regulations.
“Earlier this year, we held CryptoSprints as we continue to prepare financial services for the future. These sprints – which drew nearly 200 participants – provide an opportunity for regulators, academics, industry experts and investors to hammer out policy solutions.
Participants told us that they wanted a regulatory regime for cryptoassets as a high priority – a matter that is not for us to decide. They also want regulation to be phased in over time, so that companies and investors can prepare and that the rules will suit the developing crypto-assets.
In the past, innovative firms would have asked for less regulation. Now they understand and appreciate that rules are there to provide security.”
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Featured image: Shutterstock/Kartavaya Olya/Sol Invictus
