The UK’s financial regulator, the Financial Conduct Authority (FCA), wants to work with the crypto industry to develop a regulatory framework for the industry.
On April 25, FCA Executive Director Sarah Pritchard spoke at the City Week London conference, emphasizing the need for cooperation in crypto regulations. “We need input from the industry to make sure we establish a future regulatory framework for crypto assets,” he said.
He called crypto “a unique symbol of another rebellion”, but admitted that it had “become ubiquitous”.
“A good early partnership supports the principles that benefit everyone and helps companies to prepare when the law begins,” he added. Pritchard cited the FCA’s warning to crypto investors a week before the FTX crash in early November, and added, “We are always open to innovation,” saying:
This decision is very different from the way to cross the Atlantic in the United States. Crypto industry watchers in the United States say that local financial regulators are doing their best to prevent crypto companies from coercion instead of creating meaningful regulations and corporate governance. Pritchard said the FCA’s role is only to ensure that crypto businesses operating in the UK comply with anti-money laundering (AML) and counter-terrorism (CTF) laws.
“Only when the government makes laws will we have more control over crypto,” he added. According to Prijird, FCA has been supported by the Crypto and entered 41 (2005-County Company.
Prittard added to “the changing change” will come in the form of the Crypto promotion and advertising the higher price. Advertising laws now carry severe penalties for companies that violate them.
“It will come into our license as soon as the government passes the law, companies will have four months to implement this change,” he said. “The rules will be published when the rules are issued.”
The FCA has also worked with the government on stablecoin regulatory initiatives, Pritchard said.
In early March, FCA officials told the government that crypto regulation was inevitable. The regulator is trying to push through the Financial Services and Markets Act that was introduced in July and changed in October to include crypto regulations.
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