The Road Ahead: Collaboration Between Regulators and Industry

Key Takeaways

• Why real dialogue matters: Regulation works only when policymakers and industry engage technically — not through surface-level consultations but through practical, detailed feedback.
• Technical feasibility is essential: Regulators set the rules, but industry builds the infrastructure. Clear explanations of what’s possible (governance, reserves, reporting, flows) prevent rules that break business models.
• Use the tools that exist: Consultations, roundtables, and sandboxes are effective — if firms provide specific, actionable input and align on positions.
• Stablecoins as emerging market infrastructure: They’re shifting from “internet money” to core financial plumbing, drawing increased scrutiny from central banks and prudential regulators. Regulation should scale with adoption — not assume systemic risk on day one.
• Fragmentation is now a global risk: Divergent regimes across the UK, EU (MiCA), US, and Gulf could create duplicated or conflicting requirements. Harmonisation and reciprocity are needed for cross-border operations.
• A strategic UK opportunity: With coordinated policy across HMT, the FCA, and the Bank of England, the UK can lead in digital finance — but it needs a clearer long-term regulatory destination.
• The core message: Regulation isn’t the enemy; uninformed regulation is. Collaboration is how we avoid it.

Speakers:

Charles Kerrigan – CMS

Helen Disney – Unblocked

Nima Elmi – Circle

Elise Souci – Global Digital Finance (GDF)