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In 21st century, the Cryptocurrency has been the center of attraction among the wide ranges of the asset class. Cryptocurrency which is driven by the robust technology called ‘bockchain’, is growing its popularity in different industries and making its traction everywhere right, left, north, south, and center, be it derivatives, or commodity-driven or currency-pegged or bonds, including cryptocurrency ETFs, futures, CFDs, and cryptocurrency options, etc) have been under the meticulous scanner of the renowned global regulators, such as, US SEC, CFTC and UK’s Financial Conduct Authority (FCA).
One hand, various crypto-firms are obtaining licenses also from CFTC for bitcoin futures trading mechanism, like, Bakkt, LedgerX and ErisX, on the other hand, the probing pertaining to the cryptocurrency scams have been growing constantly from the recent past. With regards to this fact, the UK’s Financial Conduct Authority has been designated as an enforcer of the newly published Economic Crime Plan.
The UK’s Financial Conduct Authority (FCA) would be entrusted for compliance/regulating the AML/CTF policies for the crypto avenues. Although the crypto sphere is growing at a swift pace, the UK market appears to be comparatively undersized for digital assets, it can fetch negligible amount or hardly 1% of the global daily trading volume of crypto-assets transactions. Around 15 or so crypto-asset exchanges are headquartered in the UK.
The Financial Conduct Authority (FCA) published its Annual Report and Accounts 2018/19, that encompasses the last financial year culminating in March 2019, in which a comprehensive perspective is given into the state of the financial sector in the United Kingdom, the FCA also added commentary on the state of the crypto-asset industry.
The UK regulator the Financial Conduct Authority (FCA) has recently given the approval to ‘Prime Factor Capital’ to operate as a full-fledge alternative investment fund manager (AIFM).
