The U.S. and U.K. are looking to deepen ties regarding crypto regulation. The chief executive of the U.K.’s Financial Conduct Authority, Nikhil Rathi, has clarified the FCA’s goals for crypto regulation. Nikhil said, “One area of global focus is crypto, both opportunities, and risks. Currently, our remit is limited to anti-money laundering rules for platforms. We have applied those strict rules as we would to any other firm that wants to operate in the U.K. market.” He added, “The U.S. and U.K. will deepen ties on crypto – asset regulation and market development – including in relation to stabelcoins and the exploration of central bank digital currencies.”
Cryptoprints
Nikhil emphasized that the FCA held “Cryptoprints” earlier in the year. This gave them almost 200 participants. On the FCA’s website, they wrote. “The objective of the events was to seek industry views around the current market and the design of an appropriate regulatory regime.”
Nikhil said, “Participants told us they wanted a regulatory regime or crypto assets as a high priority … They also want regulation phased in over time, to allow firms and investors to prepare and for the rules to fit the evolving crypto assets.”
The chief of FCA said. “We are demonstrably supporting responsible use cases for the underlying technology while ensuring it is not at the expense of appropriate consumer protection or market integrity.”
In May, the U.K. government specified its plan for the upcoming parliament year in the Queen’s speech. The first bill was “the safe adoption of cryptocurrencies and resilient outsourcing to technology providers.” The following “powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.”
Along with that, the British government exposed their plan as well. They are aiming to make “a hospitable place for crypto.” The project entails creating a dynamic regulatory framework for cryptocurrency. Including, regulating stablecoins, and collaborating with the Royal Mint to create a non-fungible token (NFT) released by the summer.
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