04-26-2023 icon

UK Economic Regulators Seek Cooperation from Digital Currency Players

By Lucy Adegbe
digital currency

The United Kingdom’s economic conduct unit, the Financial Conduct Authority (FCA) intends to ally with digital currency firms to create a managerial framework for the sector. 

Last Tuesday, the FCA chief officer Sarah Pritchard made a speech at London’s City Week summit explaining the importance of teamwork in digital currency regulation setup. 

According to her,” We want industry input to make sure we get the future regulatory regime for digital currency assets. “

Pritchard tagged digital currency as an infrequent sign of alternative revolution, however, conceded that it has made waves across nations of the world. 

Practical early involvement reinforces managerial policies that are beneficial to everyone and assists companies to be well set up when policies are being enforced, she further noted. 

Pritchard added an official FCA caution sent to digital currency shareholders a week before the fall of FTX in the early days of November, yet, emphasized that the financial conduct unit has always stuck to embracing inventions. 

The chief officer disclosed that the FCA has backed digital currency companies and has documented exactly 41 firms of various sizes. Nonetheless, almost a third-quarter of the 195 aggregated documentation from cross-border companies were rescinded or withdrew their registration request for a United Kingdom operations approval. 

The regulatory unit has been on its heels with the nation’s authorities in its proposition to manage stablecoins, Pritchard remarked.