UK Regulator Seeks International Crypto Regulation Coordination, Not Over-regulation - Official

cryptonews.com:

International regulators should cooperate to develop a regulatory framework for cryptoassets – but not over-regulate the industry and kill innovation, according to a senior representative of the UK regulatory body Financial Conduct Authority (FCA).

David Raw, Co-Director of Consumer and Retail Policy at the FCA, said there is a need for “a new approach to regulating crypto because I think the industry is evolving so quickly.”

At the same time, bodies such as the FCA “cannot develop regulations in isolation,” he declared during a panel discussion hosted at the crypto and digital assets summit organized by The Financial Times on April 27, as quoted by the paper.

A collaboration between the world’s regulators is necessary to develop a global approach to cryptoasset regulation, allowing governments to coordinate their respective measures, according to the official. This said, the FCA is not planning to over-regulate the industry, Raw said.

“We cannot ignore the risks around fraud and financial crime but we cannot over-regulate and through over-regulating stamp out exciting innovations,” he said.

Meanwhile, to ensure that the industry can provide its input to the ongoing work by the FCA, the UK agency is planning to host a two-day CryptoSprint on May 10 and 11, seeking the sector’s feedback on how the world of cryptoassets could be regulated in the UK.  

“We will work on three specific problem statements to explore the challenges facing the industry and provide an opportunity to collaborate on policy developments,” the FCA said in a statement. 

The regulator added that this is the first time for them to be gathering views from the industry in this format, stating that,

“We see this as an excellent opportunity for organisations across