UK financial watchdog exec hints at importance of international collaboration on crypto regulation
The chief executive of the United Kingdom’s Financial Conduct Authority, or FCA, said the U.K. government will be working with its counterparts in the United States to address a regulatory framework for cryptocurrencies.
In a speech for the Peterson Institute for International Economics on Thursday, FCA chief executive Nikhil Rathi said the U.S. and the U.K. will “deepen ties” on crypto regulation following discussions among regulators at the Financial Innovation Partnership on June 29. In addition, its government has coordinated with the U.S. and Singapore to launch an International Organization of Securities task force aimed at “decentralised 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, or AML. "We sounded the alarm over supervising Binance and placed restrictions on it so it could not undertake any regulated activity in the UK without written consent," they said:
“In the past, innovative firms would have been pleading for less regulation,” said Rathi. “Now they understand and appreciate that rules are there to help provide certainty.”
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Many regulators and lawmakers across the globe and within the European Union seem to be calling for international cooperation and coordination to address risks and opportunities related to crypto and blockchain. The Financial Stability Board, a global financial regulator for many countries including those within the G20,
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