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UK crypto association calls for FCA regulation

CryptoUK, a self-regulatory organization for companies involved with cryptocurrencies, whose members include Coinbase, CEX.IO, CoinFloor and others, has allegedly contacted several Members of Parliament (MPs) with a proposal to implement regulation in the sphere. 

 

The request is for the financial Conduct Authority (FCA) to start overseeing what we have frequently called “entry level” companies – exchanges accepting fiat currencies payments for the purchase of cryprocurrencies. According to the proposal, this should be done under the existing peer-to-peer finance legislation and not the rules applies for financial market intermediaries. This means exchanges will most likely not have to abide by the strict restrictions imposed on forex brokers, but at least this would be a step towards normalizing the world of crypto.

 

Iqbal Gandham, the Chairman of CryptoUK commented:

 

“Introducing a requirement for the FCA to regulate the ‘on-off’ ramps between crypto and fiat currencies is well within the remit of HM Treasury. Based on our analysis, this could be achieved relatively easily, without the need for primary legislation, and would have a huge impact, both in reducing consumer risk and improving industry standards.”

 

While we don't have any data to back the following statement, it appears a lot of newcomers to cryptocurrencies are treating them as a speculative asset class, rather than a means of exchange, which was Bitcoin's original purchase. Given the wild volatility, most coins aren't that practical as an actual currency, at least for now. This begs the question if regulation against practices such as market manipulation should be implemented, but this would be rather hard to achieve as most exchanges are international and the experience with the New York BitLicense shows they aren’t that keen on registering with authorities.

 

CryptoUK was created in February 2018, with the intention of imposing a code of conduct for UK based cryptocurrency exchanges and other companies in the field. Similar entities exist in Australia, Japan, India, Slovakia and Croatia.

 

TAGS: CryptoUK  FCA  cryptocurrency regulation 

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