FCA seeks crypto collaboration with US

The US and the UK are coming together to act on crypto amid calls to strengthen and harmonize cryptocurrency regulation worldwide.

The Financial Conduct Authority (FCA), the UK’s financial regulator, and US counterparts have revealed a plan to promote alliances in a bid to secure a global path to cryptocurrency regulation.

In a speech, FCA CEO Nikhil Rathi said that the FCA and US authorities have been discussing the possibility of broader collaboration for a while.

The two countries are particularly interested in collaborating on the topic of central bank digital currencies (CBDCs) and stablecoins.

Both CBDCs and stablecoins are cryptocurrency mechanisms that require broader collaboration, Rathi said, and urged other to heed this call.

The FCA is not going to stop at the US as one of its possible partners, as Rathi confirmed that it would seek assistance from Singapore as well.

Another realm of the cryptocurrency industry where more help is needed is decentralized finance (DeFi).

As a result, Singapore, the UK and the US may soon start to address various issues in the sector.

They have already revealed the IOSCO task force which is designed to address integrity risks with a particular focus on DeFi.

Back at home, Rathi urges all responsible parties to act together to establish the necessary crypto regulation. The FCA has already pushed ahead with several proposals it pitched and passed successfully.

Meanwhile, cryptocurrency enthusiasts may use crypto recreationally at 1xBit, FortuneJack and Bitcasino.io.

Source

Updated: 07/18/2022 — 11:00