• Wed, 11 Dec 2019, 03:05 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
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. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,305.88 (-0.28%)
  • Ethereum (ETH) $146.49 (-0.23%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $208.90 (+0.68%)
  • Litecoin (LTC) $44.70 (+0.45%)
  • Bitcoin (BTC) $7,305.88 (-0.28%)
Dec 11, 2019 (Wednesday)
12:54
Wu Jihan once again takes over the helm at Bitmain as CEO
12:36
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:35
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:52
China securities watchdog appoints former head of PBoC Digital Currency Institute: Report
11:07
Crypto Technicals: ETH/USD consolidates below 5-DMA, scope for further weakness
10:52
Nike secures patent for blockchain-enabled “CryptoKicks”
09:44
BitPay rolls out stablecoin payments for merchants and consumers
08:52
Ripple improves Xpring platform to boost growth of XRP developer community
07:42
Crypto Technicals: BTG/USD extends weakness below 5-DMA, momentum strongly bearish
07:19
Blockchain technology poses money laundering, terrorist financing risks, says annual FINMA report
07:15
JPMorgan’s blockchain-based Interbank Information Network attracts interest from over 80 Japanese financial firms
06:57
Fiat Chrysler Automobiles joins IBM responsible mineral sourcing blockchain
06:30
Crypto Technicals: XRP/USD resumes weakness after rejection at 21-EMA, eyes trendline support at 0.1980
06:01
FinCEN sees spike in crypto-related suspicious activity reports after May advisory
05:14
Bank of Lithuania publishes paper on CBDC to nurture discussions around the new innovation
04:59
WeBank becomes technical infrastructure provider for China’s Blockchain Service Network
04:58
Crypto Technicals: BTC/USD slips below 61.8% Fib, more weakness on charts
04:03
Saga stablecoin launches on Liquid platform; Will slowly gain independence once client trust is established
03:09
Swiss crypto-financial firm acquires approval from Swedish regulators to offer ETPs across EU
Dec 10, 2019 (Tuesday)
12:09
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft