The United States and the United Kingdom are coordinating on crypto asset laws, according to the Financial Conduct Authority (FCA).
Nikhil Rathi, the chief executive officer of the FCA, said that bilateral discussions a few weeks ago resulted in the nations’ decision to enhance their connections over the regulation of crypto assets.
Separately, the United Kingdom and the United States met in London some weeks ago to discuss the US-UK Financial Innovation Partnership. After sharing views on crypto-asset regulation and market trends, including stablecoins and the investigation of central bank digital currencies, we decided to strengthen our relations in the area of financial innovation.
Earlier this year, CryptoSprints participants convinced the FCA of the need for crypto asset rules, according to Rathi. CryptoSprints is a platform aimed at engaging the digital asset sector.
“Earlier this year, we conducted CryptoSprints as we continue to prepare for the future of financial services. These sprints, which attracted over 200 participants, provide regulators, academics, industry professionals, and investors the chance to brainstorm policy solutions.
Participants indicated that a regulatory framework for crypto assets was a top priority, but this is not a matter for us to decide. In addition, they want regulation to be brought in gradually, giving companies and investors time to adapt and allowing the rules to evolve with the crypto assets.
In the past, innovative businesses advocated for less regulation. Now kids see and comprehend that rules exist to bring certainty.”