US, UK to deepen ties on crypto regulation, UK regulator says – Bitcoin News Regulation

US, UK to deepen ties on crypto regulation, UK regulator says – Bitcoin News Regulation

Britain’s top financial regulator, the Financial Conduct Authority (FCA), says the US and UK will deepen ties in the regulation of cryptocurrencies. “In the past, innovative firms would have pushed for less regulation. They now understand and appreciate that the rules are there to help provide security,” the British regulator said.

The US and the US will strengthen cooperation on crypto regulation

The chief executive of the UK’s Financial Conduct Authority, Nikhil Rathi, outlined the FCA’s regulatory aims on Wednesday at the Peterson Institute for International Economics.

“One area of ​​global focus is crypto, both the opportunities and the risks,” the FCA chief said. “Currently, our jurisdiction is limited to anti-money laundering rules for platforms. We have applied those strict rules in the same way as any other firm wishing to do business in the UK market.”

The regulator added:

The US and UK will deepen ties on crypto-asset regulation and market development – including on stablecoins and central bank digital currency research.

Rathi went on to mention that FCA held “Cryptosprints” earlier this year, which attracted nearly 200 participants. “The aim of the event was to seek industry views on the current market and design an appropriate regulatory regime,” the FCA explained on its website.

The chief financial regulator described:

Participants told us they want a regulatory regime for cryptocurrencies as a high priority… They also want regulation to be phased in over time, to allow firms and investors to prepare and for rules to match evolving crypto assets.

“In the past, innovative firms would have pushed for less regulation. Now they understand and appreciate that the rules are there to help them provide security”, he believes.

The head of the FCA noted:

We clearly support cases of responsible use of the underlying technology, while ensuring that this does not come at the expense of appropriate consumer protection or market integrity.

The UK government presented its legislative agenda for the coming parliamentary year in May 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 for faster and easier seizure and return of crypto assets, which are the main medium used for ransomware.”

Moreover, the British government revealed detailed plan April to make the country a global crypto hub and a “hospitable place for cryptocurrencies”. 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 issued by the summer.

What do you think about the US and the UK working together on crypto regulation? Let us know in the comments section below.

US, UK to deepen ties on crypto regulation, UK regulator says – Bitcoin News Regulation

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open-source systems, network effects, and the intersection between economics and cryptography.




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