The Financial Conduct Authority is the biggest name in Britsin, when it comes to financial regulation. They have recently come out and said that the US and the UK will be strengthening cooperation when it comes to cryptocurrency regulation. According to the regulator from Britain, they now both understood as well as appreciated that rules enabled certainty to be provided.
Strengthening Collaboration When It Comes To Crypto Regulation
Nikhil Rathi, the chief executive of the Financial Conduct Authority in the UK outlined what the goals where, when it came to the FCA. He revealed this last Wednesday, at the Peterson Institute that was for International Economics.
He said that an important area of focus globally was cryptocurrency. Both the opportunities as well as the risks should be focused on. The present remit is primarily based around rules related to money laundering on platforms. These rules have already been applied, in the same way that it would be applied on firms wanting to operate within the market in the UK.
He also added that both the US and the UK will be deepening ties when it comes to regulation crypto assets. They will also collaborate when it comes to developments in the market. This collaborating will include working on stablecoins, as well as exploring digital currencies. Rathi also mentioned that the FCA had already held cryptosprints earlier in the year, with around 200 participating members. It was these participants that told them that they would like a regulatory regime to be in place when it comes to crypto assets.
The British government, earlier in April, had already revealed plans to turn the country into a crypto hub that was global.