UK's FCA Issued Warning on Crypto Derivatives

Watchdog said that companies that offer services around crypto derivatives "likely" need to be authorized by the agency
06 April 2018   426

The U.K.'s watchdog warned that crypto derivatives-related compnies "likely" need to be authorized by the agency.

Financial Conduct Authority (FCA), said that it doesn't consider cryptocurrencies to be currencies or commodities for regulatory purposes, cryptocurrency derivatives may be financial instruments under current directives.

Firms conducting regulated activities in cryptocurrency derivatives must, therefore, comply with all applicable rules in the FCA's Handbook and any relevant provisions in directly applicable European Union regulations.
 

FSA's Statement

According to the regulator, companies seeking to offer derivatives linked to cryptocurrencies or tokens issued through ICOs may need to obtain authorization. Mentioned products: 

  1. Cryptocurrency futures,
  2. Cryptocurrency contracts for differences (CFDs)
  3. Cryptocurrency options.

The agency added, that an ICO "may or may not fall within the FCA's regulatory purview depending on the nature of the tokens issued."

If your firm is not authorized by the FCA and is offering products or services requiring authorization it is a criminal offence. Authorized firms offering these products without the appropriate permission may be subject to enforcement action.
 

FSA's Statement

In general, FCA has been positive on blockchain technology, saying in 2016 that it does not plan to regulate the blockchain industry for now as it believes it needs "space" to grow, but it had more harsh position regarding ICOs are cryptocurrency.

Change.org to Mine for Charity

According to the calculations, if 10k computers will run the minning screensaver for 12 hours a day, the charity fund will receive $10k monthly
18 July 2018   97

Social platform for petitions Change.org announced the launch of a screensaver that mines Monero on users' computers. All tokens will be transferred to the charity fund of Change.org. This is reported by Coindesk.

This initiative was launched in partnership with the marketing agency Tracelocke Brazil.

Representatives of Change.org report that the screensaver will consume resources only when users do not use the computer. According to their calculations, if 10 thousand computers will run the screensaver for 12 hours a day, the charity fund will be transferred $ 10 thousand monthly.

At the moment the program is available only for Windows users and the platform did not report on the release plans for the version for macOS.

Note that at the end of April, a similar action was launched by the Australian unit of the United Nations International Children's Emergency Fund; (UNICEF). The website "Page of Hope" mines Monero cryptocurrency.