cryptoknowmics.com
Britain's top financial regulator, the Financial Conduct Authority (FCA), says it wants to collaborate with the U.S. government on crypto regulation.
US And UK To Deepen Ties On Crypto Regulation
Speaking at the international Peterson Institute for International Economics on Thursday, the U.K. Financial Conduct Authority's chief executive, Nikhil Rathi, stated that the country wants to "deepen ties" with the U.S. government on crypto regulation.
"The U.S. and U.K. will deepen ties on crypto-asset regulation and market developments including in relation to stablecoins and the exploration of central bank digital currencies," Rathi said.
Additionally, the financial regulator also coordinated with the U.S. and Singapore to launch an International Organization of Securities task force aimed at "decentralized finance and crypto market integrity risks." Rathi added that the FCA did not have the power to authorize the creation of a regulatory framework for crypto in the United Kingdom, as many of its rules in the space related to Anti-Money Laundering.
"Many of the issues we face also require an international response. We greatly value ongoing enforcement cooperation between the FCA and US agencies, including the SEC, CFTC and DOJ in particular, which has created an important set of precedents that demonstrate the ability to act effectively on a global basis," he explained.
In April, the British government unveiled a detailed plan to make the country a global crypto hub. This includes establishing a dynamic regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by the Summer.