GDF x CCI Response to FCA DP 25/1 Regulating crypto assets
GDF and CCI are the two leading global members’ associations representing firms delivering crypto and digital assets solutions. Our members span the digital asset ecosystem and include the leading global crypto exchanges, stablecoin issuers, digital asset Financial Market Infrastructure providers, innovators, and investors operating in the global financial services sector. We also leverage the expertise of CCI’s Proof of Stake Alliance (POSA) whose members represent all corners of the staking industry.
We support and encourage a comprehensive UK digital asset regulatory approach which is robust, proportionate, and pro innovation. Appropriate regulatory guardrails are crucial to ensure the continued growth of the UK ecosystem, to further attract the predominantly global industry, and to realising the goal of making the UK a digital finance hub.
Our overarching feedback is as follows:
1. Uphold International Alignment and Proportionality
2. Reconsider ‘Risk Neutrality’ for Trading Platforms
3. Clarify Stablecoin Treatment and Exemptions
4. Maintain Flexibility in Execution Models
5. Refine UK Branch Requirements for Overseas CATPs
6. Adapt Best Execution Rules to Market Realities
7. Clarify Settlement Definitions and Support Proportional Compliance
8. Simplify Algorithmic Trading Oversight
9. Address Market Making and Affiliate Trading
10. Enhance Data Standards and Transaction Reporting
11. More Proportionate Staking Requirements
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