A joint statement has just been released for the US-UK Financial Innovation Partnership (FIP). The Regulatory Pillar meeting, held on 29th June 2022, marks the start of the US and UK’s cross-border crypto regulation.
The respective financial authorities intend to cooperate on safe and effective financial innovation. In particular, cross-border CBDC payment infrastructures’ interoperability is vital, experts opine.
The attendees from HMT-UK included the Bank of England and the Financial Conduct Authority staff. Representative attendees from the US-TD were the Board of Governors of the Federal Reserve System, CFTC, FDIC, SEC, and Office of the Comptroller of the Currency.
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The authorities in the FIP meeting actively discussed the following:
- Stablecoins and crypto-asset trading and lending platforms in the digital asset ecosystem. The differences in their governance and operations. Why a robust cross-border regulatory cooperation is a must.
- Future avenues to hold further talks on broader crypto-asset regulatory initiatives as progresses in their policy and regulatory agendas occur.
- UK and US authorities also provided updates on their approaches to CBDCs, exchanging views on their respective plans for CBDC policy research and technology exploration.
- CBDC policy research, approaches, plans, and technology explorations were also discussed.
- Respective dissimilarities on approaches to cryptocurrency regulations in their jurisdictions were duly discussed, as well.
