UK Regulator FCA to Consult Crypto Industry Concerning Ecosystem & Regulation
Godfrey Benjamin Apr 06, 2022 03:15
The United Kingdom Financial Conduct Authority (FCA) is calling stakeholders in the digital currency ecosystem to a two-day CryptoSprint event that will be taking place on 10 and 11 May respectively.
The United Kingdom Financial Conduct Authority (FCA) is calling stakeholders in the digital currency ecosystem to a two-day CryptoSprint event that will be taking place on 10 and 11 May, respectively.
As detailed by the market regulator, the CryptoSprint will seek to inform regulatory policy changes based on evolving technologies bordering on cryptocurrencies.
Coming off as the very first of such avenues to bring experts in the nascent crypto ecosystem together, the FCA said it wants “applications from innovators, academics, regulators, technologists and subject matter experts who will collaborate intensively to help inform future policy decisions in a safe and inclusive way.”
The FCA is extending the invitations to the CryptoSprint to crypto specialists (including trading venues, custodians, providers, and firms), technologists, academics, regulated financial institutions, and professional advisers (including accountants, law firms, consultants, and insolvency practitioners), and consumer bodies.
Focus Problem Statements for the CryptoSprint
Just like other renowned market regulators around the world, the FCA is doing all it can to get it right concerning its regulation of cryptocurrencies and its associated startups. For the CryptoSprint event, the FCA has published three key Problem Statements (PS) it wants the participants to address.
The first PS hinges on wow should information relating to the issuance of crypto-assets be disclosed to investors. The timing, manner, and those tasked with the rights to share the information will be considered in relation to this. The second PS will seek to identify and test where regulatory obligations on centralized and decentralized crypto asset models should be placed. At the same time, the third problem statement will explore What gaps need to be addressed in the UK’s existing custody regulatory framework for custody of crypto assets to help protect UK consumers and markets.
The FCA is hoping that the participation from its proposed diverse audience will give more insights to the staff of the regulatory body in a bid to adjust its regulations to permit growth while protecting the average consumers. The announcement of the CryptoSprint event comes days after the FCA postponed the registration deadline for selected crypto platforms operating in the country.
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