Brian Quintenz, the current head of policy of a16z crypto and a former Commodity Futures Trading Commission (CFTC) commissioner, has praised the UK government for its new crypto regulations.
The new financial promotions rules, known as the UK Financial Conduct Authority's (FCA) Financial Promotions (FinProm) Regime, took effect on Oct. 8.
Quintenz believes the regulations will support technological innovation in the country.
"The new UK financial promotions regime for crypto assets comes online today," he said in a tweet. "While clarity is still needed on important interpretations, we believe the government and the regulator are working hard to address industry concerns and appropriately apply the regime to match its intended effect. Consumers deserve clear and honest information from the crypto industry, and a well-tailored and proportionate FinProms regime will go a long way to ensuring responsible innovators can serve the UK market, while giving UK consumers confidence int he crypto ecosystem. We applaud the hard work of @hmtreasury [UK economic and finance ministry] and others in government to ensure this regime is applied appropriately so that the future blockchain investment and innovation can flourish in the UK."
He acknowledged that, while there is still a need for clarity on certain interpretations, he believes the government and the regulator are working hard to address industry concerns and apply the regime appropriately. He emphasized the importance of providing clear and honest information to consumers and stated that a well-tailored and proportionate FinProm regime will enable responsible innovators to serve the UK market and instill confidence in the crypto ecosystem.
Quintenz applauded the efforts of the UK economic and finance ministry, as well as other government entities, in ensuring the proper implementation of the regime to foster future blockchain investment and innovation in the UK.
The new regulations have already prompted major crypto firms, including Binance and MoonPay, to make changes in order to comply.
Binance, the world's largest crypto exchange, announced the launch of a new domain for UK users and partnered with the FCA-regulated firm Rebuildingsociety.com to ensure its marketing and communications materials meet the new regulation requirements. As a result of the new rules, UK users of Binance will no longer have access to certain products such as gift cards and referral bonuses. MoonPay, a crypto payment service, is also working to make localized updates and implement new processes.
In a June post, he slammed the U.S. Securities and Exchange Commission (SEC) for its "irresponsible regulation-by-enforcement approach" and expressed concern that it could hinder web3 innovation. Quintenz's positive stance on the UK's new crypto regulations highlights the importance of creating a regulatory environment that supports technological advancement while ensuring consumer protection and transparency in the crypto industry.