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Although the report covered both crypto assets and distributed ledger technology DLT , the speech only touched on crypto assets. Woolard pointed out that the Taskforce could see a role for crypto assets, particularly in financial innovation such as international remittances. However, the Taskforce identified three significant potential harms.
UK Cryptocurrency Regulations
The first is the risk of loss to consumers. Secondly is the potential damage to market integrity. Thirdly is the risk of financial crime. It took a very long time. Long enough for some retail brokers to get themselves involved in trading cryptocurrency CFDs which in some cases cost them tens of millions of dollars in a short time.
Surely by now, with the penny finally dropping at the FCA, the world would finally begin to understand that any digital currency is a fraud.
Surely they mean that it is quite the opposite, and represents a welcome and long overdue step toward protecting the entire electronic trading and financial services sector in the United Kingdom along with its clients from crypto villains. Other key points raised by GDF include:. It is critical of the regulator for ignoring its own research findings and the overwhelming majority of responses to its consultation on the cryptoasset investment sector.
It is percent physically backed by bitcoin, and for every unit of BTCE, there is bitcoin stored in regulated, institutional-grade custody.
Other regulators, notably the U. CFTC, has been safely overseeing regulated crypto derivatives markets for nearly three years with products that offer a reliable basis for valuation. These markets are accessible to retail as well as professional investors. Given the strong ties and coordination among global agencies, it is surprising a forward-looking regulator such as the FCA did not find itself able to adapt these safeguards to the U. This is rather odd, and tenuous. It would be very likely that an approach by any retail investor in cryptocurrency-related assets would be met with a cold shoulder by the CFTC in the United States, and the CFTC has been one of the leading forces in banning the majority of crypto scams, including sending FBI agents to arrest perpetrators in countries outside the United States and repatriating them for trial.
When the FCA launched its consultation it said it believed that retail consumers cannot reliably assess the value and risks of derivatives contracts for difference, futures and options and exchange-traded notes ETNs that reference certain cryptoassets. This is due to the inherent nature of the underlying assets, which have no reliable basis for valuation, the prevalence of market abuse and financial crime including cyber thefts from cryptoasset platforms in the secondary market for cryptoassets, extreme volatility in cryptoasset prices movements, inadequate understanding by retail consumers of cryptoassets and the lack of a clear investment need for investment products referencing them.
FCA launches another crackdown on cryptocurrency firms
We would most certainly disagree with this. What is unarguable is that digital is global, and that digital finance is global. The effectiveness of jurisdictional bans of this nature is questionable in a world where customers can find the products and services they choose on the internet, wherever these products and services come from, and this choice often drives customers offshore.
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