The Financial Conduct Authority (FCA) says the United States and the United Kingdom are collaborating on crypto asset regulations.
FCA chief executive Nikhil Rathi says the two countries decided to strengthen ties on the regulation of crypto assets following bilateral talks weeks ago.
“Separately, the UK and 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 developments – including in relation to stablecoins and the exploration of central bank 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 on the necessity of crypto asset 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 thrash out policy solutions.
Participants told us they wanted a regulatory regime for crypto assets as a high priority – a matter that is not up to us to decide. 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.
In the past, innovative firms would have been pleading for less regulation. Now they understand and appreciate that rules are there to help provide certainty.”
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