The United Kingdom Financial Conduct Authority (FCA) intends to work closely with crypto companies to build a regulatory framework for the flourishing industry.

The financial watchdog of the crypto-friendly nation of Great Britain has recently highlighted its aim to co-operate with crypto firms to establish industry regulations. FCA Executive Director Sarah Pritchard spoke at London’s City Week conference, stating that the FCA wants input from the industry’s participants to make sure that the watchdog gets “the future regulatory regime for crypto assets right.”

“Let’s work together, to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream,” Pritchard stated, while also referring to crypto as a “one-time symbol of alternative rebellion” as she witnesses how widespread it has become in the four-country kingdom.

According to the executive director, such early engagement from both the watchdog and the crypto businesses that’ll partner up with it supports regulation which benefits all, including aiding firms in becoming more prepared as regulations set in.

Sources:

https://cointelegraph.com/news/uk-financial-watchdog-to-crypto-industry-let-s-work-together

https://www.coindesk.com/policy/2023/04/25/uk-fca-wants-to-work-with-the-crypto-industry-to-develop-regulation-executive-says/

https://www.fca.org.uk/news/speeches/regulation-digital-assets-uk