The risk of banning crypto derivatives such as contracts and futures is in the cryptocurrency news today since they are facing prohibition in the near future in the United Kingdom.
The Financial Conduct Authority issued a statement that the ban will be further explored in the first quarter of 2019 by saying:
“A separate consultation by Q1 2019 on a potential prohibition of the sale to retail consumers of derivatives (including contracts for differences, options, and futures) referencing certain types of crypto assets…”
The consultations will be led by multiple government bodies such as the UK Cryptoasset Taskforce, The Bank of England and the Majesty’s Treasury.
This comes to no surprise since the FCA noted that crypto assets present a risk to business and consumers so they will likely take actions that will protect all of the users. The Cryptoasset Taskforce is trying to determine how the existing regulations can be expanded so they can include all of the crypto assets that are now outside of the regulatory outskirts.
Also, the Cryptoasset Taskforce committed to implementing a comprehensive response about using cryptocurrencies in activities related to Anti-Money Laundering and building such bodies in the European Union.
This is a great time for the Taskforce to pursue all of the above-said actions since the United Kingdom is in a phase where they are pushing for crypto regulations. Just two months ago, British lawmakers named the crypto market as the ‘’Wild West’’ because investors claimed to be inadequately protected.
The chairperson of the Treasury Committee in the UK parliament Nick Morgan said at that time:
“Bitcoin and other crypto-assets exist in the Wild West industry of crypto-assets. This unregulated industry leaves investors facing numerous risks.’’
Ripple And MoneyGram Join Forces: $50M Investment On The Way
“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”As the website shows, MoneyGram is the second largest payments firm in the world. The coming altcoin news and its partnership with Ripple will also help the blockchain firm to gain presence in more than 200 countries (where MoneyGram actively operates). Much of the company's business lies in the remittances market, which value is estimated at around $600 billion. The CEO of Ripple, Brad Garlinghouse, also shared his excitement about the new Ripple and MoneyGram partnership, stating:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies."Payment processing and sending money globally through the blockchain are definitely something that can be improved with this new partnership. By joining Ripple's growing and global network, financial institutions can process their customers' payments anywhere in the world instantly, reliably as well as cost-effectively.
Europol Aims To Improve Blockchain And Crypto Knowledge
“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
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