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The chairman of the UK Financial Supervisory Authority (FCA), Nikhil Rati, said that most crypto companies support the regulation of the industry as it provides certainty.
According to Nikhil Rathi, the cryptocurrency industry has become one of the main areas of attention of international regulators, and the FCA is currently aiming to develop anti-money laundering regulations. Rati stressed that the organization will apply these rules to any company that wants to operate in the British market.
He also said that the country will deepen ties in the field of crypto market regulation with the United States. This applies to both stablecoins and central bank digital currencies (CBDCs). This year, the FCA has already held several events, in which more than 200 industry representatives participated, to find out the industry’s opinion on the current state of the market and develop an appropriate regulatory regime.
“We found out that the participants of the cryptocurrency market first of all need regulation. However, it should be introduced gradually to allow firms and investors to prepare. In addition, the rules should be relevant and consistent with the ever-evolving market,” Rati said.
In May, the FCA said it plans to take into account recent developments in the crypto market, referring to the collapse of the Terra ecosystem, when developing new rules for the industry in the UK.
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