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The UK’s FCA investigates 50 suspected cryptocurrency-firms of unauthorised crypto operations, reported Nov. 26.
The U.K.’s financial regulatory authority responding to a freedom of information request by the publication, mentioned it was currently eyeing 50 “suspected” entities that were rendering financial services without its consent.
It’s been noticed that increasing number of UK firms offering so-called cryptocurrencies and cryptocurrency-related assets as well. As indicated in FCA’s feedback statement on DLT, cryptocurrencies are not currently regulated by the FCA provided they are not part of other regulated products or services.
While FCA states cryptocurrency derivatives are quite capable of being financial instruments under the Markets in Financial Instruments Directive II (MIFID II), although we do not consider cryptocurrencies to be currencies or commodities for regulatory purposes under MiFID II. Firms conducting regulated activities in cryptocurrency derivatives must, therefore, comply with all applicable rules in the FCA’s Handbook and any relevant provisions in directly applicable European Union regulations.
It seems that the recent blood bath in cryptocurrency prices has implicitly caused compression on the FCA.
“The huge sums lost as a result of cryptocurrency prices falling this year will have triggered a rash of complaints to the FCA,” Moore Stephens partner Andrew Jacobs said, adding:
“Now that prices have collapsed, fraud is likely to be exposed, with greater pressure coming to bear on the FCA to ensure that this market can operate transparently and fairly.”
The UK regulator has further indicated its objective to implement an oppressive approach to cryptocurrency as it appears in the financial services industry. This may include discussion of imposing a ban on certain types of financial products, which some fear could extend to instruments such as Bitcoin futures, which are already successfully operating elsewhere.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at -48 levels (which is bearish), hourly USD spot index was at 51 (bullish) while articulating at (06:13 GMT). For more details on the index, please refer below weblink:
