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The U.K.’s top regulator, the Financial Conduct Authority (FCA), is tightening relations with its U.S. counterpart on crypto regulation.
FCA Chief Executive Officer, Nikhil Rathi, on Wednesday presented the regulator’s goals at Peterson Institute for International Economics. He 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.”
The FCA chief added:
“The U.S. and U.K. will deepen ties on crypto-asset regulation and market developments — including in relation to stablecoins and the exploration of central bank digital currencies.”
Rathi explained some of the FCA’s initiatives this year, including “Cryptosprints” it held earlier this year with close to 200 participants.
“The objective of the events was to seek industry views around the current market and the design of an appropriate regulatory regime,” as the FCA explains on its website.
Rithi said about the Cryptosprints:
“Participants told us they wanted a regulatory regime for cryptoassets 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.”
He continued:
“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.
The FCA head concluded:
“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 April, the U.K. government on Monday revealed plans of making the country a global crypto hotspot, which included bringing stablecoins into the U.K. payments system