British regulators to bitcoin olive branch, a more relaxed regulatory environment

British regulators to bitcoin olive branch, a more relaxed regulatory environment

ChristopherWoolard is the UK financial conduct authority (FCA) strategy and competition director, first announced the promulgation of a series of control measures for financial technology company. The Ministry of Finance Minister of economic affairs HarriettBaldwin announced that it will establish friendly relations with other digital currency bitcoin.

The two are spokesman in London held a global financial summit. As ChristopherWoolard in the seminal speech said, these measures are designed to test their innovative ideas and prevent the occurrence of those regulatory consequences before.

FCA or deregulation

Accept will receive the corresponding FCA explained in terms of the guidance control companies and start-ups, they must reach a consensus: if you follow the guidance, we must obey. FCA may use or modify subsequent restrictions, there may even release a “non enforcement action” is actually in the control stage to give up FCA clause rules. Of course, on Civil and criminal liability is still valid. Woolard explained:

“If these companies honest with us, keep testing standards established and sincerely treat customers, then we will give them some concessions, if there are some unexpected events, we will not take disciplinary action.”

Similar with the accelerator

该管制措施被认为是高度创新且开放的,Woolard说它就像是加速器一样,一年会产生两个相似的措施。 In addition, FCA is planning to further measures, announced the industry working group for the industry measures to explore more options.

In another speech of the summit, the Ministry of Finance Minister of economic affairs HarriettBaldwin showed that on the financial innovation and the British Open welcome not only from the new measures announced, but also from the selection of objects. She announced that it will establish friendly relations with other digital currency bitcoin, and assure that this is only a start.

Baldwin further elaborated a leading financial technology industry group, it consists of a number of experts selected according to the digital Visa program standard composition (Visa plan to promote the professional services and financial technology Bridge Information Center, aimed at British companies to the world), the first time they reach agreement and Australia counterparts, simplified in both markets control procedures.

More measures

Baldwin said: “we will announce more on other UK customers measures.”

Therefore, we can expect these measures are really in to financial technology (including other digital currency bitcoin) good, this is not only the relations of cooperation, it is a “win-win” move.

The regulatory environment has always been a popular financial technology company.

British Prime Minister GeorgeOsborn the Ministry of Finance in 2014 through the automatic teller machine bought a bitcoin, marking his strong support for bitcoin and financial technology, let him become the world because of the purchase of bitcoin famous government officials.

At that time, the government announced a number of measures, including a guarantee and payment into the merger control system has the function of finance.

Support financial technology may be the most correct decision of this century.

The United States called for a change

American regulators are aware of this phenomenon, and now in a strong appeal to change America complex and outdated regulatory system, in order to meet the twenty-first Century innovation, including the double tax abolition of IRS maddenin and cumbersome bitcoin licence.

The Commodity Futures Trading Commission Director call for, he believes that this technology can prevent the blockchain bankruptcy of Lehman, so more and more people began to want a better regulatory environment, which calls for the people to the United States currency regulation is reaching the highest point (OCC) petition.

OCC is the independent regulatory agencies of the bank, and is considered to be able to lead a new and popular financial technology environment of the most appropriate organization.

The US regulatory environment is very complex, there are many regulatory agencies, some functions will overlap, different states have different requirements. Consider that the UK has to go in front, whether regulators have the ability to quickly change is unknown, but there is no doubt that the whole world is concerned about the pioneering measures and their technology and vigorously promote the process of financial.

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