Speaking at the City Week conference in London, the U.K.'s Financial Conduct Authority's (FCA) executive director,
Sarah Pritchard
, has urged crypto companies to work together to create a framework for crypto regulations.
Pritchard also pointed out that collaboration with crypto firms would benefit the market, consumers, and companies, making crypto mainstream.
- The agency's executive director suggested keeping minds open to the potential benefits of crypto and eyes to the possible risks.
- The FCA is one of the main financial and crypto regulators in the country, along with the U.K. Treasury.
- The regulator has been registering crypto companies seeking to operate in the U.K.
- In February, the U.K. Treasury started a crypto consultation to get feedback on how to regulate the industry.
- Pritchard said the consultation could pave the way for a new authorization system for crypto firms, including those outside the U.K.
- FCA has been most famous for its critical approach toward the crypto industry and repeatedly warned consumers about the potential risks.
- The regulator has classified crypto as a high-risk asset class many times over the years.
- 195 applications from the crypto firms seeking to register with the FCA have been rejected or withdrawn so far, while only 41 were approved.
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