Last Updated: 15 July 2022
Regulators and enforcers are busy regulating bitcoin (BTC). In the UK, too, it is believed that international cooperation is needed.
In the UK, the Financial Conduct Authority (FCA) is responsible for supervision. According to director Nikhil Rathi, they are anxious for more rules and guidelines. “In the past, innovative companies would have argued for less regulation – now they understand and appreciate that rules are there to provide certainty,” Rathi said at an event for the Peterson Institute in the US.
It is a questionable statement but, undoubtedly, contains truths. Companies that are already at the top are more likely to accept certain rules and guidelines. Small, emerging companies have more difficulty building up to more rules.
Rathi says the United States and Britain need to act together. For example, there should be an international task force. Its purpose? To monitor ‘decentralised finance and crypto markets.’
The Financial Conduct Authority is only a regulator, not a rule-maker. For that, one really has to look to politics.
Bitcoin is an international market. If you want to get any kind of grip as a government or regulator, you have to cooperate. In practice, it simply means collecting more data and sharing it with others.
The FCA currently monitors over 50,000 financial services. That includes only 35 registered crypto companies.
— Financial Conduct Authority (@TheFCA) July 14, 2022