Exchanges Object To FCA Designation Of Crypto Platforms

Law360, London (April 1, 2019, 4:00 PM BST) -- A stock exchange industry group has warned the U.K. financial services regulator against labeling digital platforms where investors can buy and sell cryptoassets as exchanges, as they do not offer the same protection as traditional venues.

The "careless" use of the exchange label may give investors a false sense of security, leading them to believe such platforms meet the regulatory standards of "real" exchanges that are regulated, secure and lit, the World Federation of Exchanges, a group for exchanges and central clearinghouses, said Friday.

The comments were made in response to a FCA consultation on how financial rules should be applied...

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