The chairman of the UK Financial Conduct 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 focus for international regulators, and the FCA is now focused on developing anti-money laundering regulations. Rati stressed that the organization will apply these rules to any company that wants to operate in the UK market.
He also said that the country will deepen ties in the field of regulation of the crypto market with the United States. This applies to both stablecoins and central bank digital currencies (CBDCs). This year, the FCA has already hosted several events with more than 200 industry representatives to gather the industry’s views 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 phased in gradually to allow firms and investors to prepare. In addition, the rules must be up-to-date and in line with the ever-evolving market,” Rati said.
In May, the FCA said it plans to take into account recent developments in the crypto market, with the collapse of the Terra ecosystem in mind, when developing new rules for the industry in the UK.
Source: Bits
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