The FCA recently hosted a two-day CryptoSprint event exploring how the evolving cryptoasset landscape could be regulated in the UK.
Around 100 participants from the crypto industry, financial services firms, academia, consumer groups and subject matter experts attended the CryptoSprint event, collaborating to inform the development of future cryptoasset regulation.
Over the event’s two days, participants explored the challenges facing the industry, including how the FCA can support and balance innovation with high standards that protect consumers and markets.
This is the first time that the FCA has gathered views from industry and other stakeholders to help shape future policy in this way.
As part of the FCA’s three-year strategy, it is committed to preparing financial services for the future by tailoring its rules to better suit UK markets in a global context. Against this background, the CryptoSprint event provided an opportunity to explore what the UK policy solutions may be for the crypto sector.
The FCA describes CryptoSprint as the first of many planned industry engagements that will inform what a future regulatory regime for cryptoassets could look like. It plans to share the output of the CryptoSprint event this summer.
Given likely regulatory complexity due to the wide variety of cryptoassets and schemes coming to the market, and the perceived consumer and market risks, this high level of regulatory engagement is surely to be welcomed.