British regulator seeks help from the crypto sector

After the European Parliament passed the MiCa crypto law last week, the United Kingdom also seems to want to quickly provide legislative clarity. The UK financial watchdog, the Financial Conduct Authority (FCA), indicates wanting to work with crypto companies.

British FCA wants to collaborate with crypto sector

On Tuesday, FCA Chair Sarah Pritchard indicated that the regulator needs input from crypto companies in developing new crypto regulations for the UK.

“We want industry input to ensure that the future regulatory regime for crypto assets is properly executed. Let’s work together to set the rules and regulations to help markets, consumers and businesses as crypto transitions from niche to mainstream.”

According to Pritchard. While regulators in the United States seem to want to crush the crypto sector, the FCA is a lot more optimistic.

“Crypto assets and blockchain (technology) offer opportunities for more efficient and innovative financial services and products.”

Europe is making great strides

As mentioned, the European Parliament already passed the MiCa crypto law last week, taking a big step towards a clear legislative framework for the European crypto sector. The European Union received praise from the United Kingdom for this important milestone. A British legislator has also already indicated that the MiCa law is possible as an example for UK crypto law.

Remarkably, the EU has other jurisdictions urged to follow in the footsteps of the EU, and use MiCa as an example. The goal is to realize a “global defense”. In a debate on April 19, members of the European Parliament argued that the MiCa law will end the “wild west” that the crypto sector currently is according to them. It will also restore the confidence that the crypto sector has lost after the collapse of crypto exchange FTX.

Read Also:  Ethereum Leads Altcoins with Bullish Outlook: Crypto Analysts

All in all, we can look forward to the crypto development on the European continent with cautious optimism. Where regulation was previously seen as undesirable for the crypto sector, regulation may not seem so bad after all. The situation in the United States shows how the alternative, a battle between regulators and industry, can have disastrous consequences.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here