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   131

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.

BOScoin sets up a meetup in Amsterdam

The first European BOScoin meetup will be held in Amsterdam on May 13 to introduce the platform to the public
21 April 2018   25

BOScoin is holding its first European meetup session on May 13 in Amsterdam. The venue is chosen to be at Berlage Meet and Workspace. During the meetup members of the team with CTO Yezune Choi and the community manager will be available to answer questions in order for BOScoin community to learn more about the project, and understand how it fits into the broader market. Mr. Choi will be presenting an overview of the BOScoin platform, and going into greater detail about the project's future plans, and technical aspects of the platform.

Among the topics to be covered there will be explanation of the technology and project's business strategy. Currently BOScoin has a working and functional blockchain network called tokenNet, which allows for the transfer of BOScoin from wallet to wallet.

The event starts at 13:30 local time.