The US-UK Financial Regulatory Working Group Meets to Discuss Crypto Regulation
The US-UK Financial Regulatory Working Group (FRWG) recently held its ninth official meeting in London, where representatives from various financial institutions discussed important topics such as crypto regulation and central bank digital currencies (CBDCs).
The meeting was attended by officials from HM Treasury, the US Department of the Treasury, the Bank of England, the Financial Conduct Authority (FCA), and other regulatory bodies. They provided updates on recent developments in crypto asset markets and highlighted the need for effective regulation and oversight in this sector.
The working group was established in 2018 to enhance collaboration between the US and UK in terms of regulatory cooperation. It aims to promote financial stability, investor protection, and the establishment of fair and efficient markets in both jurisdictions.
The participants also discussed the Financial Stability Board’s high-level recommendations on promoting consistency in cross-border crypto asset activities. These recommendations are crucial for jurisdictions to avoid regulatory arbitrage.
The meeting also covered the topic of central bank digital currencies (CBDCs), with UK authorities presenting the findings of their recent public consultation on a digital pound.
Hot Take: US-UK Regulatory Working Group Stresses Importance of Crypto Regulation and CBDCs
The US and UK Financial Regulatory Working Group reaffirmed their commitment to effective regulation and oversight of crypto assets. They emphasized the significance of international cooperation in this area and discussed various developments in the crypto industry, including the implementation of high-level recommendations and the exploration of central bank digital currencies. This collaboration between the US and UK regulatory bodies aims to ensure financial stability, protect investors, and foster fair and efficient markets. By addressing key issues such as regulation and CBDCs, this working group plays a vital role in shaping the future of the crypto landscape.
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