FCA Submits Its Final Crypto Regulation Report

ft fca 800x600

The United Kingdom has submitted the final draft of its regulatory framework regarding cryptocurrency via the Financial Conduct Authority (FCA). According to the report, not all cryptocurrencies fall under the same guidelines, as some merely classify as “exchange tokens.” FCA Decides What to Do with Crypto However, what all crypto assets seem to have in common is that they are subject to the same anti-money laundering rules. The quest remains the same: if you use cryptocurrencies for illicit purposes, regardless of their statuses in the document, you will likely face consequences. In addition, the FCA is suggesting that all crypto-based derivatives not be sold to retail customers. A separate report regarding crypto derivatives will likely emerge in the future once the organization has had more time to examine the space. Analysts and crypto industry leaders are weighing in on the decision, and for the most part, sentiment appears mixed, with…

Read the original article here