The British cryptocurrency industry rents an update of the country’s digital asset regulations.
Like the Financial Times (FT) reported Thursday August 7, this follows a decision last week by the Financial conduct (FCA) to put an end to its prohibition to offer negotiated products in exchange for crypto to retail investors.
The industry compared it to “Big Bang” regulatory withdrawals which occurred in 1986, added the report.
“This is extremely important and, in some respects, it could be considered as the first step in a seismic change on the British financial markets in terms of acceptance and adoption of digital assets more generally,” said Russell BarlowCEO of 21hareswhich emits products exchanged from the exchange of cryptocurrency.
“It may be as important as Big Bang in 1986. It was an attempt to modernize the city of London and make the UK competitive on a global scale,” he added.
Dovile SilenskyteDirector of research on digital assets at WisdomAdded that the lifting of the retail prohibition of the United Kingdom “marks a pivotal moment in the wider integration of digital assets in the financial system.”
According to the report, the FCA decision means that, from October 8, retail investors in Great Britain will be able to buy bitcoin or ether using regulated products, exchanges, rather than through Crypto exchanges, which are not recognized by the guard dog.
The tickets exchanged from the exchange (ETN), the report notes, follow an underlying index and are negotiated and listed on a scholarship, as are the funds exchanged (ETF).
The FT also underlines that the FCA has a long history of the hard position against cryptographic investments, in order to protect against fraud and volatility. Last year, he allowed Crypto ETN to list on the London Stock Exchange, but a limited participation in institutional investors.
In other news of crypto regulations, Pymnts wrote earlier this week on the efforts of the American Commission for Securities and Exchange (Sec) to rationalize the integration of digital asset products into traditional financial ecosystems.
This includes “Project Crypto”, an initiative on the scale of the dry to modernize the rules and regulations on securities. This includes provisional guidelines suggesting that PEGED USD stalls could be considered as cash equivalents, provided they have guaranteed buyout mechanisms.
“By delimiting a narrow set of conformity criteria for” covered staboins “, the SEC actually opened the door to these digital assets to operate as regulated trustee payment instruments,” wrote Pymnt. “The path in the long term can be conditional and limited – but for the first time in American trade, it is potentially navigable.”
