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U.S And U.K To Collaborate On Crypto Regulation: FCA

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  • The financial Conduct Authority (FCA) intends to enhance collaboration to explore crypto regulations.
  • Nikhil Rathi, CEO at FCA, reveals the regulator is in talks with the U.S.
  • In recent months, FCA has implemented crypto regulations rigorously. 

The Financial Conduct Authority (FCA), the financial regulator in the United Kingdoms, has revealed its plan to promote alliances in exploring crypto regulations. Nikhil Rathi, CEO of FCA, has confirmed that they are already having discussions on the possible partnership U.S. in a speech on July 14. They will mainly be focusing on exploring central bank digital currencies (CBDC) and stablecoins. This information was revealed just after the recommendation from the U.S. Treasury Department. In which it stated the need for cross-border collaboration in setting up CBDCs. 

Rathi said that the parties decided on making the ties stronger after they communicated their views on crypto-asset regulation and market developments. The CEO further stated that these conversations are important. And that the responsibility of use cases for the underlying technology falls on their shoulder. They also take the responsibility for maintaining market integrity or appropriate consumer protection while doing so. The U.K regulator informs that it’s going to collaborate with Singapore too. Together the three countries reveal the IOSCO task force on crypto market integrity risks and decentralized finance (Defi).

Rathi also notes that there are plenty of opportunities in the crypto sector. Facilitating instant cross-border payments is a significant one. The executive however pointed out various challenges attached to the underlying technology such as market integrity, data privacy, financial crime, and consumer protection. He believes the sector needs to make industry a safe haven and hence promote innovation. Further claims that the major players of the industry need to encourage supportive laws. 

Moreover, Rathi shared the progress of the UK in terms of establishing laws. The executive revealed the Strict implementation of anti-money laundering laws as the major focus. Further expressing their willingness to work with companies that agree to comply with their rules. FCA has implemented crypto regulations quite aggressively. 

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