Speaking at the City Week conference in London, the U.K.'s Financial Conduct Authority's (FCA) executive director, Sarah Pritchard, has urged crypto companies to work together to create a framework for crypto regulations.
Pritchard
also pointed out that collaboration with crypto firms would benefit the
market, consumers, and companies, making crypto mainstream.
- The
agency's executive director suggested keeping minds open to the
potential benefits of crypto and eyes to the possible risks.
- The FCA is one of the main financial and crypto regulators in the country, along with the U.K. Treasury.
- The regulator has been registering crypto companies seeking to operate in the U.K.
- In February, the U.K. Treasury started a crypto consultation to get feedback on how to regulate the industry.
- Pritchard
said the consultation could pave the way for a new authorization system
for crypto firms, including those outside the U.K.
- FCA
has been most famous for its critical approach toward the crypto
industry and repeatedly warned consumers about the potential risks.
- The regulator has classified crypto as a high-risk asset class many times over the years.
- 195
applications from the crypto firms seeking to register with the FCA
have been rejected or withdrawn so far, while only 41 were approved.
