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“An unprecedented 80% of the rest, that is 160 out of 200 British crypto companies have been asked to withdraw. The impact for those companies is that they will have to operate off-shore.”
“There is a risk of consumer confusion where regulated firms provide services involving cryptoassets. We expect firms to ensure that consumers understand the extent of business that is regulated and to clearly distinguish those elements which are unregulated business”
While the FCA hasn’t given the go-ahead to any crypto firm offering ATM services, there are nearly 100 crypto ATMs in the United Kingdom, according to the Coin ATM Radar site.
Uphold, the US-based platform offering cryptocurrency trading and debit cards, has received a regulatory go-ahead to launch its services in the UK.
The UK Government plans to toughen up rules on crypto advertising that could be considered misleading. The Exchequer is proposing to bring the promotion of crypto-assets into the scope of the FCA’s existing oversight, rather than creating a new framework specifically for these products.
Genesis Capital announced on Monday that its London-based custodian arm has obtained approval to operate a registered cryptoassets firm with the UK Financial Conduct Authority.
CryptoCompare, one of the oldest crypto companies that is now specialised in operating as a data aggregator and index provider, has announced that it has received approval from the Financial Conduct Authority (FCA) in the UK to operate as a benchmark administrator.
The regulator believes higher-risk investments are not compatible with these investors’ risk tolerance or comprehension.
The FCA stated its concern that the registration standards it is permitted to apply under the MLRs are far less demanding than those applicable under FSMA.
The FCA Chairperson, Charles Randell, has called for more powers to be given to the regulatory body so that it would be able to control and regulate the ads that are related to crypto to ensure that investors and users are not misled by these ads.
British cryptocurrency exchange Coinpass confirmed that it has obtained approval to operate a registered cryptoassets firm with the UK Financial Conduct Authority.
Only ten percent of those who have heard of cryptocurrencies are aware of consumer warnings on the FCA website. This shows the regulator’s lack of reach.
Many cryptoassets are highly speculative, but the FCA does not have consumer protection powers for the cryptoasset activities of firms, even if a firm is registered with the FCA.
The FCA-commissioned study found that 38% of those surveyed did not list a single functional reason for investing in their top 3.
Quite rightly, Britain’s regulator, which outlawed cryptocurrency trading last year, is going after crypto firms with 52 new investigations being launched.
Assets under management in these types of investments have risen 5 fold over the last 12 months to stand at around €2.30 billion today
It was always inevitable that a final and long overdue action by the Financial Conduct Authority (FCA) to ban cryptocurrency in the United Kingdom would polarize opinions. The FCA has been criticized on tenuous grounds by self-appointed cryptocurrency fanatics – let’s call them fanatics, rather than industry or trade organizations – saying that the FCA […]
Rather unbelievably, some self-appointed voices are questioning the FCA’s decision to ban crypto, saying it stifles development. Quite the contrary, it stops these chancers destroying the electronic financial sector with their schemes
