UK regulator, The Financial Conduct Authority, has invited the views and inputs from the country’s crypto firms on charting a future for the industry.
The United Kingdom has been taking several proactive initiatives for the crypto industry lately.
Recently, the Executive Director of the Financial Conduct Authority (FCA) of the UK, Sarah Pritchard, spoke at a conference in London, where she publicly endorsed the cooperation of the regulator with crypto firms in the country. She spoke on how inputs from crypto firms could help the FCA frame rules and regulations to benefit consumers, markets, and firms in the crypto industry.
“Cryptoassets and blockchain offers opportunities for more efficient and innovative financial services and products. For example, they can make international cross-border payments faster and cheaper, which could support international trade or help our global workforce more easily send money to friends and family overseas. These are worth exploring,” said Pritchard.
She claimed that in view of the recent scams in the sector, the crypto industry had to undergo a transformation through better rules and regulations. She stated how the Financial Conduct Authority has been refusing requests from crypto firms to operate crypto ATMs. She then went on to invite opinions from the crypto industry to get an appropriate regulatory regime for crypto assets in the future.
According to Pritchard, it could be done through roundtable discussions like the Crypto Policy Sprints in the previous year.
While the Financial Conduct Authority has been in constant dialogue with the UK government for crypto regulations, its role in the crypto industry is only limited to monitoring crypto firms under the anti-money laundering and counter-terrorist financing rules.