Kevin Helms
An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
The United States and the United Kingdom will deepen ties on crypto-regulation, says British Regulator – Regulation Bitcoin News
The UK’s chief financial regulator, the Financial Conduct Authority (FCA), says the US and UK will deepen ties on crypto-regulation. “In the past, innovative companies would have asked for less regulation. Now they understand and appreciate that rules are there to provide security,” said the British regulator.
United States and the United States to strengthen cooperation on cryptocurrency regulation
The UK Financial Conduct Authority’s chief executive, Nikhil Rathi, outlined the FCA’s regulatory targets on Wednesday at the Peterson Institute for International Economics.
“One area of global focus is crypto, both opportunity and risk,” said the FCA chief. “For the time being, our area of responsibility is limited to rules against money laundering for platforms. We have applied the strict rules that we would do to any other company wishing to operate in the UK market. “
The controller added:
The US and the UK will deepen ties on cryptocurrency regulation and market development – including in relation to stable currencies and the exploration of central banks’ digital currencies.
Rathi went on to mention that the FCA held “Cryptosprints” earlier this year, which drew nearly 200 participants. “The aim of the events was to seek industry views on the current market and the design of an appropriate regulatory regime,” the FCA explained on its website.
The CFO described:
The participants told us that they wanted a regulatory regime for cryptocurrencies as a high priority… They also want regulation to be phased in over time, so that companies and investors can prepare and that the rules should suit the developing cryptocurrencies.
“In the past, innovative companies would have asked for less regulation. Now they understand and appreciate that rules are there to provide security,” he said.
FCA executives note:
We support demonstrably responsible use of the underlying technology while ensuring that it does not come at the expense of appropriate consumer protection or market integrity.
In May, the British government outlined its legislative agenda for the next parliamentary year in the Queen’s speech. One of the bills aims to support “secure adoption of cryptocurrencies and robust outsourcing to technology providers”. Another aims to create “forces to faster and easier to seize and recover cryptocurrencies, which are the main medium used for ransomware.”
Furthermore, the British government unveiled a detailed plan in April to make the country a global crypto hub and “a hospitable place for crypto.” The plan includes the establishment of a dynamic regulatory framework for crypto, the regulation of stack coins and the collaboration with Royal Mint to create a non-fungible token (NFT) to be issued by the summer.
What do you think about the United States and the United Kingdom working together on cryptoregulation? Let us know in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author is liable, directly or indirectly, for any damage or loss caused or alleged to have been caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.
