• Fri, 26 Apr 2019, 12:08 AM
  • All times are UTC
  • Edition:
    International
Link copied

UK Financial Conduct Authority launches consultation on cryptoasset guidance

Thu, 24 Jan 2019, 03:43 am UTC

The UK Financial Conduct Authority (FCA) announced on Wednesday that it is consulting on guidance for cryptoassets.

Once finalized, the guidance will set out the cryptoasset activities that fall under FCA regulation. Accordingly, firms will be able to better assess if they need to get approval from the FCA and ensure if they compliant and have appropriate consumer safeguards in place.

The FCA said that the consultation is conducted in response to the growing demand from the industry for better clarity and to the government-backed Cryptoasset Taskforce’s recommendation for the FCA to provide additional guidance on the existing regulatory perimeter.

In October 2018, the Cryptoasset Taskforce released a report on the country’s policy and regulatory approach to cryptoassets. The FCA said that the consultation marks an important first step in delivering the outcomes of the taskforce, as well as addressing the harms from cryptoassets and encouraging innovation in the interest of consumers.

“This is a small but growing market and we want both industry and consumers to be clear what is regulated, and what isn’t. This is vital if consumers are to know what protections they’ll benefit from and in ensuring we have a market functioning as it should,” Christopher Woolard, executive director of Strategy and Competition at the FCA, said.

The FCA further said that it will consult on banning the sale of derivatives linked to certain types of cryptoassets to retail investors later this year.

“The Government is planning to consult on whether to expand the regulatory perimeter to include further cryptoassets activities,” it added.

The consultation period will run until April 05, 2019, and the policy statement is expected to be released in Summer 2019.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $5,211.86 (-4.79%)
  • Ethereum (ETH) $154.59 (-6.72%)
  • XRP (XRP) $0.289900 (-4.02%)
  • Bitcoin Cash (BCH) $266.46 (-4.56%)
  • Litecoin (LTC) $71.31 (-2.84%)
  • Bitcoin (BTC) $5,211.86 (-4.79%)
Apr 25, 2019 (Thursday)
11:44
Sumitomo Mitsui Banking Corporation to launch services on Marco Polo blockchain
10:56
Brave rolls out new opt-in feature to reward users with BAT tokens for viewing ads
10:06
China’s FX reserve regulator to pilot blockchain-based cross-border trade finance platform
09:01
NTT’s Thai subsidiary to open innovation lab with focus on Blockchain, AI, IoT
07:07
US SEC’s FinTech Forum to discuss DLT innovations and use cases for financial markets
06:11
Crypto wallet startup Ledger secures investment from Samsung amid leadership changes
05:15
MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool
04:13
Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology
03:32
Samsung working on Ethereum-based blockchain, could issue own token: Report
Apr 24, 2019 (Wednesday)
11:33
Bitfury, Final Frontier launch regulated bitcoin mining fund
10:46
Liverpool FC to partner with TRON
10:02
Samsung SDS launches next version of enterprise blockchain platform ‘Nexledger’
09:06
South Korean hospital to integrate blockchain-based health data management solution
07:39
Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report
06:13
University of Nevada, Reno teams up with blockchain startup Filament on smart city mobility project
05:12
Crypto exchange Coinbase shuts Chicago division
04:20
MIT and other universities team up to explore blockchain potential for management of academic credentials
03:32
Societe Generale issues €100m of covered bonds as security token on Ethereum blockchain
Apr 23, 2019 (Tuesday)
11:47
Blockchain identity startup Civic expands network with 12 automated retail partners
11:02
Binance launches decentralized exchange ‘Binance DEX’ on Binance Chain
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft