US & UK agencies will collaborate to regulate the crypto industry

The regulatory bodies of the United States and Britain will now increase their communication via a forum CryptoSprints, to achieve a better level of regulation on Cryptocurrencies.

At present, the crypto industry is in that phase where high-level adoption can push the industry toward growth, and also it is happening but due lack of regulatory policies, some big companies are showing less interest in this innovative industry. To prohibit the illegal use of cryptocurrencies and clear crypto regulation, international regulatory bodies require collaboration.

Nikhil Rathi, chief executive of UK The Financial Conduct Authority (FCA) agency, said that the United States & the United Kingdom decided to strengthen relations to bring better crypto regulation on Cryptocurrencies, after a bilateral discussion around a week ago.

“Separately, the UK and US also held talks as part of the US-UK Financial Innovation Partnership in London several weeks ago. We agreed to deepen ties on financial innovation after exchanging views on crypto-asset regulation,” Nikhil said.

This collaboration will also help both the countries to establish better integration of Central Bank Digital Currency (CBDCs) & stablecoin regulation so that it can be used perfectly without any risk.

Rathi also dragged the attention toward the CryptoSprints, a forum designed to engage with the digital asset industry. Rathi said that CryptoSprints drew nearly 200 participants and it is aimed to provide an opportunity for regulators, academics, industry experts, and investors to thrash out policy solutions.

The FCA chief said that participants of Sprints are looking to create a crypto regime, to regulate cryptocurrencies as the highest priority. 

FCA against Crypto ATM companies

The FCA agency is known as a strict regulatory body in the UK, which regulates the crypto industry. 

On 11 March, the FCA agency published its guidelines to all the crypto companies to shut down their crypto ATM kiosks. The FCA agency confirmed that none of the Crypto Companies in the UK are allowed to operate crypto ATMs. 

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