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The Financial Conduct Authority (FCA), Britain’s top financial regulator, says the United States and the United Kingdom will strengthen ties on crypto regulation. “In the past, innovative businesses would have pleaded for less regulation. “They now understand and value the fact that rules exist to help provide certainty,” said the British regulator.
Nikhil Rathi, the chief executive of the United Kingdom’s Financial Conduct Authority, spoke Wednesday at the Peterson Institute for International Economics about the FCA’s regulatory goals.
“Crypto, both opportunities and risks, is one area of global focus,” the FCA chief said. “At the moment, our mandate is limited to anti-money laundering rules for platforms.” We followed the same strict rules as any other company wishing to operate in the UK market.”
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The regulator also stated:
The United States and the United Kingdom will strengthen ties on crypto-asset regulation and market developments, including stablecoins and the exploration of central bank digital currencies.
In the Queen’s Speech in May, the United Kingdom government outlined its legislative agenda for the coming parliamentary year. One of the bills aims to promote “safe cryptocurrency adoption and resilient outsourcing to technology providers.” Another goal is to develop “the ability to more quickly and easily seize and recover crypto assets, which are the primary medium used by ransomware.”
In addition, in April, the British government unveiled a detailed plan to make the country a global crypto hub and “hospitable place for crypto.” The plan entails creating a dynamic regulatory framework for cryptocurrency, regulating stablecoins, and collaborating with the Royal Mint to create a non-fungible token (NFT) that will be released by the summer.