The UK's financial regulator called for contributors for its first "Crypto Sprint" event as it promised to engage with the industry to inform its policymaking.
In a post on its website on Monday, the Financial Conduct Authority (FCA) said the event on May 10-11 will bring together industry leaders — including technologists, crypto specialists, academics, regulated financial institutions and consumer bodies.
This gathering of crypto industry experts will be split off into teams with individuals roleplaying as 'visionaries,' 'challengers,' 'reporters' and 'pitchers'. The FCA said it aims to increase its understanding of emerging crypto technologies and how they can be regulated.
Specifically, the teams will address three problem statements that the FCA says address key stages in the lifecycle of cryptoasset firms. These include disclosing information on the issuance of cryptoassets to investors, identifying and testing regulatory obligations for centralized and decentralized crypto companies, and gaps in its current regulatory framework.
The news comes as the UK regulator extended the deadline for a select number of firms on its anti-money laundering register for cryptoasset firms. This follows an earlier report by The Block that crypto startups such as B2C2 have begun to pack up their UK operations ahead of the deadline. Previously, the regulatory body also sought a head of digital assets to build out its position on crypto.