UK FCA Wants to Work With Crypto Industry to Develop Regulations

The FCA is one of the main crypto regulators in the country along with the Treasury, and it has been registering crypto firms to operate in the country. The consultation set out that the FCA may host a new authorization regime for crypto companies including overseas companies, which is "an unchartered territory" for them, Pritchard said. It is also planning on launching a promotions regime for digital assets as well.

"Let’s work together to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream," Pritchard said. "Let us do it with our minds open to the potential gains and our eyes open to the risks."

The FCA is known for being critical of the crypto sector, a stance not helped by the fact that crypto received by illicit addresses hit a record high of $20.6 billion last year, according to Chainalysis, or the collapse of the FTX exchange. The FCA has repeatedly warned consumers about crypto risks.

Out of the crypto applications the FCA got from firms looking to register with them 195 were either refused or withdrew, Pritchard said. Only 41 crypto firms have managed to register with the FCA.

Came across this news today in my feed . In the past i have seen FCA being very vocal about crypto industry & this move is very positive . Depsite all the shit show that’s going around cryptospace regarding regulations, i find this news very bullish for the future of Crypto itself & it’s future .

While agressive crackdown moves in US by regulators have CEX moving overseas and some even have stopped offering tradings for US citizens . Let’s hope US government & regulators are taking a note here about this move by FCA and UK . What do you think about this all ?