UK Financial Conduct Authority (FCA) Chairman Nikhil Rathi said that most cryptocurrency companies support regulation of the industry because it provides certainty.
According to Nikhil Rathi, the cryptocurrency industry has become a major area of focus for international regulators, and the FCA is now focused on developing anti-money laundering regulations. Rathi 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 its ties with the U.S. to regulate the crypto market. This applies to both stabelcoins and central bank digital currencies (CBDC). The FCA has already held several events this year, bringing together more than 200 industry representatives to learn the industry’s views on the current state of the market and develop an appropriate regulatory regime.
“We have found that cryptocurrency market participants need regulation first and foremost. However, it should be introduced gradually to allow firms and investors to prepare. In addition, the regulations should be relevant and consistent with the ever-evolving market,” Rathi said.
As a reminder, the FCA has licensed Koine custodian to handle electronic money.