UK regulator FCA reviews cryptocurrency regulations tightening .. discussion begins
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April 30, 2021The Financial Conduct Authority (FCA), the UK’s premier regulatory body for finance and banking, has released a discussion document’DP 21/1′. Announced’Strengthening Financial Promotion Rules for Companies Approving High Risk Investments and Financial Promotions’. This was reported by YouTube on the 29th (local time).
[Should we classify cryptocurrencies as high-risk assets?]
The FCA has published a paper to start an important discussion across the fintech scene. It is designed to embody new rules of “promotion” for all “high risk” services.
The authors of this document require all stakeholders (including’enterprises operating in the cryptocurrency market’) to participate in the discussion on the promotion of financial services.
The document itself only asks financial service vendors about their clients’ exposure to high-risk products and new regulatory measures in this area, but the regulations on cryptocurrency promotion are also expected to be strengthened.
“The Ministry of Finance has proposed incorporating some cryptocurrency assets into the scope of the financial promotion system to enhance consumer protection. The issues discussed in this paper may be related to the promotion of cryptocurrency assets within the scope of the financial promotion system.”
Considering that the promotion of cryptocurrency derivatives to individual customers has already been banned in the UK under’FCA PS20/10′, the new measures could affect the spot trading platform.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.
