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UK: financial Supervisory authority crypto wants to ban derivatives

The British financial Supervisory authority (FCA) discussed derivatives, the prohibition of the sale of crypto. The reasons for this is the FCA put on 3. July,

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UK: financial Supervisory authority crypto wants to ban derivatives

The British financial Supervisory authority (FCA) discussed derivatives, the prohibition of the sale of crypto. The reasons for this is the FCA put on 3. July, in a press release before.

Max Halder
4. July 2019BTC$11.874,00 3.36%part Facebook Twitter LinkedIn xing mail

the UK sees a danger to his society in crypto-derivatives. According to a press release from the 3. July goes out, wants to ban the British financial Supervisory authority (FCA = Financial Conduct Authority) of such financial products for private people.

" We will intervene,"

The ban is currently being discussed for all derivatives (contracts for difference, options and futures) and the holders of notes (ETNs), which are based on unregulated crypto-systems. The prohibition relates to both domestic as well as foreign companies, to the extent that they operate in British territory. To this end, Christopher Woolard, head of the Department of strategy & competition at the FCA:

with regard to the in a broader sense, well-understood markets for contracts for difference and binary options, we will intervene as soon as customers discover fraudulent products for private. This [financial products] are complex contracts that are based on complex asset classes.

The reasons for the ban

In the face of this paternalism on the part of the state you want to hear the murmur from the ranks of the liberal. Why the FCA wants this part of the market, however, is not the free market forces, justified Woolard as follows:

most consumers can value of derivatives, which are based on unregulated crypto-systems, not really classify. The prices are very volatile and, as we have on a global scale, can lead to criminal acts in the crypto-field to sudden and unexpected losses. For us, it is clear, therefore, that these derivatives and bearer bonds [ETN] are for the private man to be unsuitable.

to save the British financial Supervisory authority expects the British citizens losses in the amount of 75 to 234,3 million pounds. How these Numbers were determined, remains unclear. Already at the end of last year, the FCA made with the audit of companies in the crypto-sector attention. As a consequence, the FCA issued the "Guidance on crypto assets". The aim of this guide is, however, above all, to ensure clarity in the regulation.

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