Australia and the UK are perhaps the two leading examples of active lobbying for a constructive environment in the Digital Currency universe and like many things, Australia and the UK share a common set of objectives.
Our countries are represented by ADCCA and the UKDCA respectively. Together we have linked up our respective regulators, legal experts and entrepreneurs and are guiding the work looking to form a body that can increase co-operation between country-based organisations - the Global Digital Currency Congress (GDCC).
This week our two countries take a step forward together in the Digital Economy with the UKDCA and ADCCA entering into a Memorandum of Cooperation.
Locally, the UKDCA have been lobbying the UK government to establish a more constructive environment for digital technology to prosper. The British government have now responded by committing to a number of steps to achieve this, including:
- The Government intention to apply anti-money laundering regulation to digital currency exchanges in the UK
- Will work with the British Standards Institution and the digital currency industry to develop voluntary standards for consumer protection.
- The Government will work with the banks and FinTech firms to develop an open API (Application Programming Interface) standard for banks, by the end of the year.
- The Financial Conduct Authority's (FCA) 'Project Innovate' will work with HMT and the Prudential Regulation Authority (PRA) to investigate the feasibility of developing a regulatory 'sandbox' for financial services innovators
ADCCA and the UKDCA are well placed to drive the Digital Currency Industry forward in our respective countries. Bitcoin is an inherently global currency and there is no reason why our organisations should not be working side by side to advance the cause of our industry.
