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The FCA Hosted CryptoSprints in May and June 2022: Here are The Outputs

FCA | Jun 29, 2022

CryptoSprint - The FCA Hosted CryptoSprints in May and June 2022:  Here are The OutputsWe hosted our first policy-focused CryptoSprint events in May and June 2022. The objective of the events was to seek industry views around the current market and the design of an appropriate regulatory regime.

The crypto market is developing at pace. Currently the FCA’s role is focused on registering firms for anti-money laundering purposes, whilst the majority of cryptoassets and associated busineses remain unregulated.  What the FCA’s approach has shown is that regulation can support developing ideas. As a result, the FCA held a series of CryptoSprints to consider what regulation of crypto could or should look like in the future. We heard a rich and diverse set of views from the 184 participants.

See:  FCA extends deadline for crypto firms to register (with temporary regime closing)

Key Themes

  • Principles-based approach would help accommodate the pace of technology and market evolution.
  • Technology neutrality was essential to avoid policymakers ‘picking winners’ in developing markets.
  • Gaving a clear digital taxonomy (ideally internationally) would help in developing a regime for cryptoassets.
  • Existing rules and tools should be used where possible (vs bespoke new standards)
  • Proportionate approach to regulating cryptoassets, balancing encouraging innovation with protecting consumers and markets.
  • Some participants also suggested that a self-regulatory organisation (SRO) could be used to provide greater clarity for firms, perhaps before formal regulation took effect.
  • Participants also suggested that regulators should prioritise key risks when developing any potential standards, and that regulation could be phased over time, with new rules implemented gradually to allow firms and consumers to adjust.

See:  UK Proposes Regulations That Would Recognize Stablecoins As A Form Of Payment

Problem Statements

  1. Issuance and Disclosure
  2. Regulatory Hooks
  3. Custody

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NCFA Jan 2018 resize - The FCA Hosted CryptoSprints in May and June 2022:  Here are The OutputsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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