The Financial Conduct Authority — a regulator in the United Kingdom — has made it clear they want to help the development of bitcoin businesses by having a regulatory environment that supports them.
Martin Wheatley, who heads the Authority, spoke last week at Bloomberg London, announced ‘Project Innovate’.
Project Innovate is the Authority’s latest initiative that helps support innovation in the financial industry, according to Coinsult. The idea is to have “an FCA that creates room for the brightest and most innovative companies to enter the sector.”
Wheatley reportedly reflected on these three questions (via Coinsult):
- “How does the FCA encourage innovation in the financial service market?”
- “Does it do enough to promote competition and create room for new entrants into the market, particularly those with novel business models?”
- “Does FCA regulation more broadly serve the needs of innovative businesses?”
He also recognized innovations that have “transformed finance in improbable timescales” — of which include digital currencies like bitcoin.
This is interesting news, and could very well help attract newly-established bitcoin businesses to the United Kingdom.
A permissive regulatory environment is key to helping a new business flourish, particularly when speaking of bitcoin. When the government sets too many rules, it begins to become suffocating.
Thankfully, it’s nice that not only UK regulators — but some in the United States — have recognized that point.
[textmarker color=”C24000″]Source[/textmarker] Coinsult