According to the Financial Conduct Authority, the United States of America and the United Kingdom are cooperating on crypto asset regulations.
Nikhil Rathi, chief executive of FCA, says that the two countries have decided to strengthen their ties regarding the regulation and supervision of crypto assets after bilateral talks weeks back.
“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 claims that participants in CryptoSprints, an event to engage with the industry of digital assets, have impressed upon the FCA earlier this year on the need for 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 want regulation gradually implemented over time to allow investors as well as firms to prepare for changes in crypto assets.
In the past innovative firms would have asked for less regulation. Now they understand and appreciate that rules are there to help provide certainty.”
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