Key Points:
- The UK Forum for Digital Currencies, an alliance that will promote better laws, practices, and legislation surrounding digital currencies, was created by the City of London in collaboration with several trade organizations.
- The forum participants will work together to establish an industry-wide response to changes in the cryptosphere.
- The statement explicitly references central bank digital currency and the regulatory framework for stablecoins and other cryptoassets with changeable value.
A crypto alliance comprised of five significant UK organizations has been formed with the goal of securing stronger regulations for the industry, the group announced on Wednesday.
The City of London Corporation, Digital Pound Foundation, The Payments Association, and the advocacy groups TheCityUK and UK Finance are among the organizations that belong to the UK Forum for Digital Currencies (UK FDC).
The UK FDC, an alliance that will fight for better policies, practices, and regulation around digital currencies, was founded by the City of London in collaboration with a number of trade organizations, according to a statement issued by its five members.
By April, the Financial Services and Markets Bill in the UK, which would give national regulators broader authority to oversee digital assets, including stablecoins, is expected to be passed. Additionally, the UK government plans to start a survey in the coming weeks to determine what additional rules should be implemented for the industry. Following the failure of the cryptocurrency exchange FTX, policymakers have been asking for increased regulation.
The forum participants will work together to establish an industry-wide response to changes in the cryptosphere. The statement explicitly references central bank digital currency and the regulatory framework for stablecoins and other cryptoassets with changeable value. The declaration read:
“The group will aim to mitigate the actual risks and alleviate the perceived risks through education and the ability to advocate for appropriate policy and proportionate regulation.”
According to the statement, the group also wants to support the UK’s efforts to become a global center for cryptocurrency. Through education, it aims to reduce both actual and perceived dangers associated with digital assets, and it will also encourage dialogue between the financial services industry and crypto.
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