Quick Take Some firms and retail investors could migrate offshore, and in particular to crypto-friendly EU jurisdictions. Others are betting that UK-based traders will turn to DeFi instead. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.
Russian billionaire and owner of two giant UK newspapers Alexander Lebedev is looking into launching his own DeFi project. Dubbed The Independent Decentralized Financial Ecosystem (or bank 2.0), it aims to serve as a better performing bank, which benefits all participants. Lebedev Explains The Current Banking Problems Lebedev, the owner of the UK-based London Evening […]
Before implementing the ban on cryptocurrency derivatives sales in the UK for retail investors, the FCA asked over 500 firms, trade bodies, and competent authorities on their opinion. Interestingly, the results decisively concluded that 97% of all participants didn’t agree with the prohibition. 97% Oppose The FCA Crypto Derivatives Ban UK’s watchdog, the Financial Conduct […]
The United Kingdom Financial Conduct Authority plans to ban cryptocurrency derivatives and exchange-traded notes (ETNs) to retail customers from January 6th, 2021. The FCA statement described such products as “ill-suited for retail customers due to the harm they pose.” The regulator outlined that retail customers are unable to determine a reliable value because of […]
A recent study compiled with government authorities and regulators concluded that they still view the cryptocurrency industry as a significant risk source. Those establishments raised concerns regarding the field’s self-regulation and the number of illegal activities funded by digital assets. Unsurprising: Regulators Worried About Crypto Regulations The UK’s oldest defense and security think tank, the […]
Quick Take Proposed crypto regulations in the EU make the UK, which had emerged as a global leader in crypto-specific policymaking, less attractive to crypto firms. But given that it might take a while to implement the new EU rules, Britain may have time to regain the upper hand. This feature story is available to […]