Around 100 participants from the crypto industry, financial services firms, academia, consumer groups and subject matter experts came together at the CryptoSprint hosted by the FCA and collaborated to inform the development of future regulations on cryptoassets.
In the FCA's three-year strategy, they commit to preparing financial services for the future by tailoring rules to better suit UK markets in a global context. While they are working closely with international partners, their CryptoSprint event provided an opportunity to explore what the UK policy solutions may be for this sector.
Over the two days, the participants worked in mixed-discipline teams to explore some of the challenges facing the industry, including how they can support and balance innovation with high standards that protect consumers and markets.
This is the first time they have gathered views from industry and other stakeholders to help shape future policy in this innovative and adaptative way. It builds on their established TechSprint approach and the Regulatory Sandbox, which has been followed by over 40 regulators globally and has helped the growth and innovation of over 50 blockchain firms.
This is the first of many planned industry engagements that will inform what a future regulatory regime for cryptoassets could look like. The FCAA will share the outputs of their CryptoSprint in the summer.