G20 countries are trying to build a policy consensus on crypto assets. Meanwhile, the new head of the FCA is making scathing comments about cryptocurrencies.
G20 forms policy view for cryptocurrency regulations
cryptocoin.comAs you follow, calls for regulation have increased after the collapse of crypto exchange FTX. Indeed, calls for better regulation of cryptocurrency markets followed. India, currently chairing the G20, is hosting the group’s first meeting of financial and central bank deputies in Bengaluru on 13-15 December. India’s federal secretary of economic affairs, Ajay Seth, made a statement on Wednesday. Seth said that the G20 countries are trying to form a policy consensus on crypto assets. In this context, he noted that they aim to achieve a better global regulation.
Ajay Seth held a press conference on the second day of the forum. Seth said the effects of cryptocurrencies on the economy, monetary policy and banking sector need to be examined to reach this consensus. In line with this, Seth made the following statement:
Regulations need to act from the policy view taken. In fact, one of the priorities on the table is to help countries build consensus on a policy approach to cryptocurrencies.
FCA Chairman seeks more crypto regulation
The new head of the UK FCA is making condescending comments about cryptocurrencies ahead of his term in 2023. The recently appointed chairman of the UK Financial Conduct Authority (FCA) took a hostile stance towards cryptocurrencies at a cross-party Treasury selection committee meeting.
Ashley Alder will take control of the FCA in February. On December 14, Alder told Treasury members that crypto-related businesses were a ‘deliberate loophole’. He also suggested that the industry facilitates money laundering. According to a report by the Financial Times, the current chief executive of the Hong Kong Securities and Futures Commission emphasized his belief that the crypto ecosystem poses risk that requires more regulation from the government:
Our experience to date with crypto platforms, whether FTX or others, is that they are deliberately evasive. This is a method where money laundering occurs in scale.
Alder also noted that the crypto industry brings together “a set of activities that are normally separate.” He added that this puts ‘largely undesirable risk’. Meanwhile, the new FCA chief’s comments contradict the regulator’s efforts to provide a supportive environment for the crypto industry in the UK. The agency said earlier this year that surveillance is largely limited to registering locally-based crypto exchanges for Anti-Money Laundering (AML) purposes. Currently, there are 41 exchanges on the FCA’s registered crypto-asset list.
The UK Treasury now wants to formulate new regulatory rules for the crypto industry. Accordingly, it plans to impose limits on the amount foreign companies can sell to the country. These were largely due to FTX’s collapse in November. The FCA will also be tasked with monitoring the operations and advertising of crypto businesses as part of the proposed regulatory changes.
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