The United Kingdom’s FCA has been combining different approaches to regulating the crypto market to see which one would work best.
When it comes to regulating cryptocurrencies like Bitcoin (BTC), financial authorities in the United Kingdom aim to take the best of traditional finance (TradFi) and decentralized finance (DeFi), according to an executive at the Financial Conduct Authority (FCA).
The cryptocurrency community and regulators have been long considering the best approach to regulating the crypto market, raising concerns about over-regulating or under-regulating it.
According to FCA director of payments and digital assets Matthew Long, the right way to regulate the industry is to combine different approaches and see which one works best.