Prominent  Countries Strengthen Their Relationships on Crypto Regulation

• According to FCA, U.S and U.K relations on crypto regulation will strengthen.
• The U.S. and U.K. will regulate stablecoins and investigate CBDCs.

Nikhil Rathi, CEO of the U.K.  Financial Conduct Authority  (FCA), spoke about the FCA’s regulatory objectives on Wednesday at the Peterson Institute for International Economics. The CEO of the FCA stated in a speech on July 14 that discussions on a potential partnership with the U.S. are already underway and would focus on stablecoins and the exploration of Central Bank digital currencies (CBDC).

FCA earlier this year stated:

Cryptyosprints , which drew close to 200 participants………….the event’s goal was to obtain industry comments on the current market and build a suitable regulatory system.

Cautionary Plans in Crypto Adoption

In the Queen’s speech in May, the British government outlines its legislative priorities for the upcoming parliamentary year. According to one of the proposals, the secure adoption of cryptocurrencies and robust outsourcing to technology providers. Another seeks to develop capabilities to more swiftly and easily seize and reclaim crypto assets, which are the primary delivery mechanism for ransomware.  

Additionally, the UK government published a comprehensive plan in April to turn the nation into a major crypto hub and a crypto hospitable place. The strategy calls for creating a flexible framework for cryptocurrency regulation, regulating stablecoins, and collaborating with the Royal Mint to develop a non-fungible token (NFT) that will be released by summer.

Rathi pointed out that consumer protection, market integrity, data privacy, and financial crime are significant problems that require solutions.

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