Crypto Regulations Declared International Issue by the UK

UK financial executive proposes international crypto regulation cooperation.

Crypto Regulations Declared International Issue by the UK

The UK is beginning to see the benefits of international partnerships in regard to crypto regulations. The country’s Financial Conduct Authority’s (FCA) chief executive, Nikhil Rathi, said they are strengthening ties with the U.S. about these regulations.

Furthermore, the UK government, the US, and Singapore are launching an International Organization of Securities task force on “decentralised finance and crypto market integrity risks.”

Rathi also mentioned that though the FCA arranged for some restrictions, it was not authorized to set regulations on crypto seeing as it was mainly linked to Anti-Money Laundering (AML). He also added:

“Many of the issues we face also require an international response. We greatly value ongoing enforcement cooperation between the FCA and US agencies, including the SEC, CFTC, and DOJ in particular, which has created an important set of precedents that demonstrate the ability to act effectively on a global basis.”

The sweep towards international cooperation as regards crypto and blockchain seems to be accelerating. With many regulating bodies in the EU and around the world discussing risks as well as conveniences in accepting and using crypto and blockchain, we might soon be receiving exciting news like this again.

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