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.’’
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
Huobi Re-Launched As Fully Licensed Platform In Japan
$1 Billion In Transactions Reported For 2018 By BitPay
WordPress Is Launching A Publishing Platform With Blockchain Features
Join us on Facebook
- Russia Is Not Planning To Buy $10 Billion In Bitcoin
- Huobi Re-Launched As Fully Licensed Platform In Japan
- $1 Billion In Transactions Reported For 2018 By BitPay
- Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle
- 21-Year Old Accused Of Stealing More Than $24 Million Worth Of Crypto
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
Bitcoin Hovers Near $3,700 As Top Altcoins Record A Mix Of Reds And Greens
Ethereum News3 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Ethereum News4 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Altcoin News4 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Altcoin News4 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Bitcoin Scams3 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Blockchain News5 days ago
Washington’s Douglas County Wants To Build A Blockchain Innovation Campus
Bitcoin News3 days ago
American Businessman Still Missing After $950,000 In BTC Ransom Paid