The U.K.’s Financial Conduct Authority (FCA) has called on digital currency service providers in the country to collaborate with regulators in the quest for a robust legal framework for the industry. Pritchard described the growing industry as “unchartered territory” for industry participants, making cooperation with regulators indispensable. Service providers are urged to share their comments with regulators on the issuance, custody, trading, and lending of digital assets. Apart from merely making calls for increased collaborations, the FSC revealed that it had opened the window for digital currency service providers to apply for regulations in line with the country’s money laundering regulations. Pritchard noted that over the last 12 months, the FCA had conducted joint raids with the West Yorkshire and Metropolitan Police, resulting in the bust of digital currency scam syndicates.

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