UK and US establish joint task force to develop crypto regulation framework

3 weeks ago

The UK and US person launched a associated regulatory task unit for integer assets on Sept. 22, called the Transatlantic Taskforce for Markets of the Future.

The task unit volition study wrong 180 days to some concern ministries done the UK-US Financial Regulatory Working Group with recommendations connected integer plus cooperation.

Officials from HM Treasury and US Treasury volition seat the initiative, which includes representatives from some nations’ superior markets and integer plus regulators.

Treasury Secretary Scott Bessent met Chancellor Rachel Reeves astatine Downing Street past week to formalize the effort. The announcement confirms reports by the Financial Times from Sept. 16 astir a imaginable transatlantic crypto collaboration.

The practice announcement happens 1 week aft the Bank of England proposed caps connected the stablecoin amounts that banks are allowed to hold, pressing connected thresholds discussed successful November 2023.

Areas of interest

The collaboration targets 3 halfway areas: short-to-medium word integer plus coordination portion regulatory frameworks develop, semipermanent practice opportunities, and wholesale integer markets innovation.

The taskforce volition besides research methods to amended superior marketplace links betwixt some countries, focusing connected reducing compliance burdens for UK and US firms raising cross-border capital.

Industry experts volition supply input to guarantee recommendations code assemblage priorities. The concern builds connected the historical fiscal narration betwixt London and New York arsenic planetary fiscal hubs portion addressing technological translation successful markets.

Both treasury departments acknowledged the request for coordinated approaches arsenic integer plus authorities develops crossed jurisdictions.

First bilateral cooperation

The task unit represents the archetypal ceremonial bilateral crypto regulatory practice betwixt the world’s 2 largest fiscal centers.

According to the Treasury announcement, the collaboration aims to “unlock opportunities for investors, businesses, and marketplace participants connected some sides of the Atlantic” portion maintaining regulatory oversight of integer plus activities.

The inaugural addresses marketplace subordinate concerns astir fragmented regulatory approaches that complicate cross-border integer plus operations.

The 180-day timeline positions some governments to present factual regulatory recommendations earlier mid-2026, erstwhile respective cardinal integer plus regulatory frameworks are expected to instrumentality effect globally.

The station UK and US found associated task unit to make crypto regularisation framework appeared archetypal connected CryptoSlate.

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