The US and UK authorities view the meeting as key foothold for developing cross-border strategies aiming to regulate the crypto industry.
Her Majesty’s Treasury hosted the regulatory pillar of the US-UK Financial Innovation Partnership with its counterpart, the US Treasury Department, on Jun 29th. Both parties acknowledged the importance of teaming up to support safe innovation and strengthen regulatory outcomes for digital assets across jurisdictions.
Since its birth, cryptocurrency has been made in response to third-parties-imposed restrictions on borderless transactions. With crypto assets making headlines with a series of fiascos amid a historic market crash, regulators find it pressing to develop cross-border efforts targeting the industry. Among all the regulatory concerns regarding the space, the ongoing “key role of stablecoins and crypto-asset trading and lending platforms” in the digital asset ecosystems – as embodied by the recent drama occurring in the fall of Terra and Celsius – has caused concerns from watchdogs worldwide. The statement outlined:
“UK and US participants also considered future opportunities for further discussion on broader crypto-asset regulatory initiatives and considerations as their respective policy and regulatory agendas progress.” Crypto regulations have also been a widely covered issue within G7 & G20 meetings, as indicated by the statement. Both parties vowed that “robust cross-border regulatory cooperation” that aims to provide a clear regulatory framework for stablecoins and crypto exchanges will be the theme behind such meetings in the future.In addition, the UK and US authorities also updated their approaches to CBDCs, exchanging views on their plans for policy research and technology exploration.
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