UK and US establish joint task force to develop crypto regulation framework
The UK and US have launched a joint regulatory task force for digital property on Sept. 22, referred to as the Transatlantic Taskforce for Markets of the Future.
The task force will report inside 180 days to each finance ministries by means of the UK-US Financial Regulatory Working Group with suggestions on digital asset cooperation.
Officials from HM Treasury and US Treasury will chair the initiative, which incorporates representatives from each nations’ capital markets and digital asset regulators.
Treasury Secretary Scott Bessent met Chancellor Rachel Reeves at Downing Street final week to formalize the hassle. The announcement confirms experiences by the Financial Times from Sept. 16 a couple of potential transatlantic crypto collaboration.
The cooperation announcement occurs one week after the Bank of England proposed caps on the stablecoin amounts that banks are allowed to maintain, urgent on thresholds discussed in November 2023.
Areas of curiosity
The collaboration targets three core areas: short-to-medium time period digital asset coordination whereas regulatory frameworks develop, long-term cooperation alternatives, and wholesale digital markets innovation.
The taskforce can even discover strategies to enhance capital market hyperlinks between each international locations, specializing in lowering compliance burdens for UK and US companies elevating cross-border capital.
Industry consultants will present enter to guarantee suggestions deal with sector priorities. The partnership builds on the historic monetary relationship between London and New York as international monetary hubs whereas addressing technological transformation in markets.
Both treasury departments acknowledged the necessity for coordinated approaches as digital asset laws develops throughout jurisdictions.
First bilateral cooperation
The task force represents the primary formal bilateral crypto regulatory cooperation between the world’s two largest monetary facilities.
According to the Treasury announcement, the collaboration goals to “unlock alternatives for buyers, companies, and market individuals on each side of the Atlantic” whereas sustaining regulatory oversight of digital asset actions.
The initiative addresses market participant considerations about fragmented regulatory approaches that complicate cross-border digital asset operations.
The 180-day timeline positions each governments to ship concrete regulatory suggestions earlier than mid-2026, when a number of key digital asset regulatory frameworks are anticipated to take impact globally.
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