Key points from our response:
- Keeping rules proportionate.
- Avoiding the cumulative effect of overloading firms with unnecessary costs.
- Allowing flexibility particularly for mature cryptoassets.
- Providing clarity for international firms.
- Protecting retail without pushing them to offshore platforms.
- Aligning rules internationally to keep the UK competitive.
The IRSG is a joint venture between TheCityUK and the City of London Corporation. Its remit is to provide a cross-sectoral voice to shape the development of a globally coherent regulatory framework that will facilitate open and competitive cross-border financial services. It is comprised of practitioners from the UK-based financial and related professional services industry who provide policy expertise and thought leadership across a broad range of regulatory issues.
Thank you to Clifford Chance LLP for their support in drafting this response.