UK Financial Supervisor Hints at Importance of International Collaboration on Crypto Regulation

“In the past, innovative companies would have argued for less regulation; now they understand and appreciate that the rules are there to help bring certainty,” said Nikhil Rathi.

The chief executive of the UK's Financial Conduct Authority, or FCA, has said the UK government will work with its counterparts in the US to put in place a regulatory framework for cryptocurrencies.

In a speech to the Peterson Institute for International Economics on Thursday, FCA Chief Executive Nikhil Rathi said the US and UK will “deepen their ties” on crypto regulation at the continuation of discussions between the regulators of the Financial Innovation Partnership on June 29. , his government has coordinated with the United States and Singapore to launch an International Securities Organization task force aimed at “decentralized finance and crypto market integrity risks.”

Rathi added that the FCA does not have the power to authorize the creation of a regulatory framework for crypto in the UK, like many of its rules in the anti-money laundering space money, or AML. "We have sounded the alarm over Binance's supervision and placed restrictions on it so that it cannot undertake any regulated activity in the UK without written consent," they said:

"Many of the issues we face also require an international response. We greatly appreciate the continued law enforcement cooperation between the FCA and U.S. agencies, including the SEC, CFTC and DOJ in particular, which has created an important body of precedent that demonstrates the ability to act effectively on a global scale."

"In the past, innovative companies would have advocated for less regulation," Rathi said. "Now they understand and appreciate that the rules are there to help provide certainty."

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