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SirWin
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SirWin

UK’s FCA is looking to collaborate with crypto entities

uks-fca-is-looking-to-collaborate-with-crypto-entities
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UK’s FCA is looking to collaborate with crypto entities

The Financial Conduct Authority (FCA), which regulates the financial sector in the United Kingdom, is interested in developing a regulatory framework in collaboration with crypto firms.

At a conference held in London during City Week on April 25, FCA Executive Director Sarah Pritchard gave a speech in which she emphasized the need for collaboration on crypto laws.

She considered cryptocurrency a “one-time symbol of alternative rebellion” but agreed it had become more widespread.

Pritchard noted a warning provided by the FCA to crypto investors one week before the collapse of the FTX in early November, restating that they have always been open to innovation. 

Pritchard said that the FCA obligations are confined to ensuring that cryptocurrency businesses that operate in the United Kingdom comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.

“Only when the government legislates will we have more powers to regulate crypto.”

FCA Executive Director Sarah Pritchard

According to Pritchard, the FCA has supported cryptocurrency businesses and registered 41 companies of varying sizes. On the other hand, almost 75% of the 195 total registrations from international companies were either denied or the corporations withdrew their bids for a license in the United Kingdom.

Pritchard also claimed that laws would be “tangible change” in marketing cryptocurrencies and advertising high-risk investments. The current advertising guidelines include severe penalties for businesses that are found to violate them.

She said that after the government passes new legislation, it would be her department’s responsibility to oversee the implementation of the changes, and businesses will have four months to do so.

Pritchard said that the FCA has been working closely with the government on its plans to regulate stablecoins.

At the beginning of March, FCA officials briefed government officials on the certainty of crypto laws. The government agency regulating cryptocurrencies is working hard to have the Financial Services and Markets Act, which was first passed in July and then revised in October to incorporate crypto rules, signed into law.

This action sharply contrasts the strategy taken on the other side of the water in the United States. Those who work in the US crypto sector allege that local financial authorities are taking enforcement measures to stifle the crypto sector rather than focusing on crafting effective rules in partnership with the heads of relevant industries.