UK: Global Cryptocurrency Rules needed to keep markets clean

Britain’s Financial Conduct Authority (FCA) said on Thursday that global rules are needed to regulate international cryptocurrency firms such as Binance to “keep the entire market clean,” a foreign media reported on July 14th.

 Cryptocurrency companies are largely unregulated in much of the world, but many countries require them to show they have adequate measures to combat money laundering and illegal activities.

 The FCA said last year that Binance, the world’s largest cryptocurrency exchange, would not allow to operate any activity in the UK because it “cannot be effectively regulated.” But this year, regulators in Spain, France and Italy allowed Binance to operate in their marketplaces.

 Nikhil Rathi, chief executive of the FCA said, “I think some global baseline standards are important.” Rathi added, “As we have seen in other sectors like anti-money laundering, these are inherently cross-border activities by some very well organised actors and therefore having good common regulatory standards and information sharing cross-border is fundamental to the clean markets that we all want.”

 The Financial Stability Board, a global regulator, said this week that it hopes to present a draft recommendation to G20 countries to regulate cryptocurrency assets in October.