FCA To Authorize Crypto Firms, Ban Some Trading Activity

Law360, London (January 23, 2019, 1:28 PM GMT) -- The Financial Conduct Authority outlined proposals on Wednesday to force financial services companies that offer cryptoassets to consumers to gain authorization from the watchdog or face criminal action, as it seeks to protect investors in products such as bitcoin.

The City regulator said it will also push for a ban on the sale of derivatives linked to digital assets.

The FCA has set out which cryptoasset activities it plans to supervise so that it can tell companies whether they should seek permission to operate. If they fall within the watchdog's proposed regulatory perimeter they will have to comply with rules designed to protect...

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