FCA Harps On Need For Global Crypto Regulation
UK’s Financial Conduct Authority (FCA) has said that there is a growing need to come up with a global cryptocurrency regulation of the industry.
FCA’s CEO, Nikhil Rathi, speaking at the Peterson Institute for International Economics yesterday described regulations as essential to the industry.
He also disclosed plans to collaborate with the US government in formulating a regulatory framework for cryptocurrencies.
“Our relationship with US regulators is essential in delivering consistent outcomes, deepening ties on #crypto-asset regulation and #market developments
“In the past, innovative firms would have been pleading for less regulation — now they understand and appreciate that rules are there to help provide certainty,” said Rathi.
“As we have seen in other sectors like anti-money laundering, these are inherently cross-border activities by some very well organized actors, and therefore having good common regulatory standards and information sharing cross-border is fundamental to the clean markets that we all want,” he said.
The FCA has strongly made its stand on crypto regulation known.
Last year, it banned crypto exchange, Binance from operating in the country, citing the lack of a monitoring mechanism to supervise its activities.
Recently, the FCA in a statement warned that with no consumer protections for those who buy any crypto assets and NFTs, buyers of crypto assets should be prepared to lose all the money they invest.