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FameEX Hot Topics | US and UK Regulators Convene to Enhance Cryptocurrency Supervision

2024-02-07 17:05:15

The U.S.-U.K. Financial Regulatory Working Group (FRWG) held its ninth meeting in London on January 31, where they focused on the critical aspects of crypto regulation and the potential introduction of central bank digital currencies (CBDCs). This session, summarized in a statement released on February 5, saw participation from a wide range of officials from both the United States and the United Kingdom, including HM Treasury, the U.S. Department of the Treasury, the Bank of England, the Financial Conduct Authority (FCA), the Federal Reserve, the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC).


During this meeting, updates on the current state of crypto-asset markets were shared, and there was a strong emphasis on international collaboration within the crypto sector. The importance of establishing effective regulation and oversight of crypto assets and markets was a key point of consensus among the participants. They also reaffirmed their commitment to supporting international efforts to regulate crypto assets.


Established in 2018, the FRWG aims to enhance bilateral regulatory cooperation to promote financial stability, protect investors, ensure markets are fair, orderly, and efficient, and facilitate capital formation in both countries.


A significant part of the discussion revolved around the Financial Stability Board (FSB)’s publications, which offer "high-level recommendations to promote consistency across borders in the crypto-asset activities." The group highlighted the significance of these recommendations, especially as different jurisdictions work on implementing their regulatory frameworks. The aim is to prevent regulatory arbitrage by ensuring that local regulations align with the FSB’s guidelines.


Additionally, the participants explored the latest developments in their respective CBDC projects. U.K. authorities presented the findings from a recent public consultation on the possibility of introducing a digital pound. This meeting underscored the growing interest and cautious approach taken by financial regulators in both the U.S. and U.K. towards the rapidly evolving cryptocurrency market and the exploration of digital currencies by central banks, reflecting a shared understanding of the need for coordinated regulatory strategies in the face of global financial innovations.


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