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FCA Ban on Retail Crypto Derivatives Trading Will Be in Full Effect Today

January 6, 2021 by Evan Ezquer at Regulation

The Financial Conduct Authority (FCA) ban on crypto products will officially be in full effect today. The authorities had earlier announced the ban around October last year, stating that crypto-based products were not suited for retail customers because they lack a reliable valuation, are prone to price volatility, are known to...

G-7 Countries Discuss Significance of Regulating Crypto Assets

December 8, 2020 by Aisshwarya Tiwari at Regulation

Cryptocurrencies dominated the meeting table during the latest G-7 members meeting. G7 Nations Keen on Adopting Crypto Regulations The tremendous rise of cryptocurrencies, especially bitcoin (BTC) has been one of the few silver linings of an otherwise unfortunate year. Unsurprisingly enough, this popularity of cryptocurrencies is being keenly observed by...

U.K. Classifies Cryptocurrencies as Property Under English Law

UK Authorities Get Serious with Stablecoins, Set to Unveil Regulatory Framework

November 10, 2020 by Ogwu Osaemezu Emmanuel at Regulation

The government of the United Kingdom is making active plans to transform the nation’s financial ecosystem and ultimately make the region a hotbed for innovative businesses. The government says it plans to formulate amenable regulations for stablecoin initiatives and central bank digital currencies (CBDCs), according to a statement November 9,...

LSE-Traded Mode Adopts Bitcoin as Reserve Asset

London Stock Exchange-Listed Company Buys Bitcoin as Reserve Asset

October 21, 2020 by Dalmas Ngetich at Bitcoin

The London Stock Exchange (LSE)-listed company, Mode Global Holdings PLC, is assigning 10 percent of their cash reserves to purchase Bitcoin. This is part of its treasury investment strategy, according to a statement on Oct 21. Mode Banking Joins Square and MicroStrategy The publicly traded Fintech Group now joins the likes of...

UK Regulators Officially Ban Retail Crypto Derivatives Trading

October 6, 2020 by Anthonia Isichei at Regulation

The UK Financial Conduct Authority (FCA) has officially prohibited the sale of crypto derivatives and exchange traded notes (ETNs) to retail consumers in the UK. FCA Says Ban in the Interest of Retail Crypto Traders The UK financial watchdog made this announcement in an official press release on Tuesday (October...

DeFi Project Aave (LEND) Locks in $1.4 Billion in Crypto, U.K. Money License Granted

August 25, 2020 by Shaurya Malwa at Altcoins

The rise of decentralized finance (DeFi) applications received a boost yesterday after an influential project, Aave, gained a license to operate in the UK. The move came as Aave locked over $1.4 billion in cryptocurrencies staked on its platform. Aave Makes the History Books DeFi credit market project Aave now...

U.K. Authorities Seek to Regulate Bitcoin Related Adverts

July 21, 2020 by Ogwu Osaemezu Emmanuel at Regulation

Her Majesty’s Treasury (HMT), in collaboration with the government of the United Kingdom, has put up a proposal that seeks to give the country’s financial watchdog, the Financial Conduct Authority (FCA), the power to regulate some crypto-related advertisements in the region. The primary objective of the move is to promote...

Kraken Subsidiary Bags Regulatory License to Offer Crypto Derivatives Trading in the UK

UK Regulator Approves Kraken-Owned Cryptocurrency Derivatives Platform

July 6, 2020 by Aisshwarya Tiwari at Regulation

Crypto exchange Kraken’s UK-based subsidiary – Crypto Facilities – has bagged the coveted Multilateral Trading Facility (MTF) license from the UK financial watchdog, the Financial Conduct Authority (FCA). First Crypto Firm to Obtain the MTF License In a first, Crypto Facilities, also known as Kraken Futures, a subsidiary of one...

UK: FCA Suspends Wirecard Subsidiary Responsible for Issuing Crypto Debit Cards

June 26, 2020 by Aisshwarya Tiwari at Regulation

The UK financial watchdog – the Financial Conduct Authority (FCA) – today announced that it had suspended troubled payment processor Wirecard’s subsidiary, Wirecard Card Solutions (WCS), which was responsible for issuing Visa crypto debit cards. Consumer Protection the Top Priority The spectacular fall of the German payment processing firm Wirecard has sent...

Crypto Startups Operating in the U.K. Get June 30 Registration Deadline

June 22, 2020 by Ogwu Osaemezu Emmanuel at Regulation

The Financial Conduct Authority (FCA), the United Kingdom’s financial watchdog has reminded all Bitcoin (BTC)-linked businesses to send in their applications for registration before June 30, 2020, or risk getting ousted from the region, according to a press release on June 22, 2020. Crypto Firms Must Submit Application Before June...

UK FCA Releases New Rules For Crypto Businesses

February 4, 2020 by Osato Avan-Nomayo at Regulation

The UK’s Financial Watchdog, the Financial Conduct Authority (FCA) has announced its implementation of a new regime to provide a detailed set of rules for crypto businesses in the country. The new FCA handbook proposes different application fees for businesses according to their business size, income, and profit from asset...

U.K. Classifies Cryptocurrencies as Property Under English Law

November 19, 2019 by Osato Avan-Nomayo at Regulation

The U.K. is now the latest jurisdiction to classify cryptocurrencies and virtual assets as property. The Times reports that a legal panel chaired by Sir Geoffrey Vos, Chancellor of the High Court reached the decision which presents significant implications for the legality of cryptocurrencies and blockchain assets in the U.K....

A man standing hand on chin glasses UK FCA ban crypto dervatives who knows

UK Financial Watchdog Urged to Reconsider Banning Crypto-Derivatives by World Federation of Exchanges

October 8, 2019 by Aisshwarya Tiwari at Bitcoin

In an official statement issued on October 7, 2019, the World Federation of Exchanges (WFE) – a global body for exchanges and cryptocurrency trading platforms – asked the U.K.’s Financial Conduct Authority (FCA) to reconsider putting a blanket ban on the sale of crypto derivative products to retail investors. Extending...

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