logo
UK to end ban on retail investors buying crypto exchange-traded notes

UK to end ban on retail investors buying crypto exchange-traded notes

Mint6 hours ago

(Refiles to remove extraneous word in the headline; no change to text)
LONDON (Reuters) -Britain's financial regulator is to remove a ban on consumers buying crypto exchange-traded notes (ETNs), ditching its previous position of wanting to keep them out of the hands of retail investors.
The Financial Conduct Authority said on Friday that allowing retail investors to buy ETNs would support growth and competitiveness, in the latest sign that the UK is shifting its approach to crypto as the government seeks to grow the economy and support a digital assets industry.
Last year the FCA had approved the launch of crypto ETNs for professional traders but banned retail investors from access, calling the products "ill-suited" because of "the harm they pose".
"We want to rebalance our approach to risk and lifting the ban would allow people to make the choice on whether such a high-risk investment is right for them given they could lose all their money," David Geale, executive director of payments and digital assets at the FCA, said in a statement on Friday. The proposal will now go out for consultation.
Britain in April published draft laws for bringing cryptocurrencies under compulsory regulation for the first time, aligning it with the United States' approach, rather than the European Union, which has built rules tailored to the industry.
To be sold to individual consumers, the ETNs will need to be traded on an FCA-approved investment exchange, the regulator said.
A ban on retail investors trading cryptoasset derivatives would remain, the watchdog added.
(Reporting by Tommy Reggiori Wilkes. Editing by Jane Merriman)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

UK financial regulator partners with Nvidia in AI 'sandbox'
UK financial regulator partners with Nvidia in AI 'sandbox'

Time of India

timean hour ago

  • Time of India

UK financial regulator partners with Nvidia in AI 'sandbox'

Financial firms in Britain will be able to test artificial intelligence tools later this year in a regulatory "sandbox" launched on Monday by the country's financial watchdog, part of a broader government strategy to support innovation and economic growth. The Financial Conduct Authority (FCA) has partnered with U.S. chipmaker Nvidia to provide access to advanced computing power and bespoke AI software through what it calls a "Supercharged Sandbox." A sandbox refers to a controlled environment where companies can test new ideas such as products, services or technologies. The programme is intended to help firms in the early stages of exploring AI, offering access to technical expertise, better datasets and regulatory support, the FCA said. It is open to all financial services companies experimenting with AI. "This collaboration will help those that want to test AI ideas but who lack the capabilities to do so," Jessica Rusu, the FCA's chief data, information and intelligence officer, said. "We'll help firms harness AI to benefit our markets and consumers, while supporting economic growth." Live Events Finance minister Rachel Reeves has urged Britain's regulators to remove barriers to economic growth, describing it as an "absolute top priority" for the government. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories In April, she said she was pleased with how the FCA and the Prudential Regulation Authority, part of the Bank of England, were responding to her call to cut red tape. Nvidia said the initiative would allow firms to explore AI-powered innovations in a secure environment, using its accelerated computing platform. "AI is fundamentally reshaping the financial sector," said Jochen Papenbrock, EMEA head of financial technology at Nvidia, citing improvements in data analysis, automation and risk management. He added that the sandbox will provide firms with a "secure environment to explore AI innovations using Nvidia's full-stack accelerated computing platform, supporting industry-wide growth and efficiency." The testing is set to begin in October.

Elon Musk vs Donald Trump: Tesla CEO's father reveals reason behind public feud, predicts how it would end
Elon Musk vs Donald Trump: Tesla CEO's father reveals reason behind public feud, predicts how it would end

Time of India

time2 hours ago

  • Time of India

Elon Musk vs Donald Trump: Tesla CEO's father reveals reason behind public feud, predicts how it would end

Donald Trump versus Elon Musk feud has hogged all the limelight. The US President and Tesla chief have at loggerheads since the last week. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads FAQs The dispute between Donald Trump and Elon Musk was triggered by months of intense stress on both sides, and the public battle between the U.S. president and the billionaire donor needs to stop, Tesla boss' father Errol Musk said on Monday. Trump and Musk began exchanging insults last week on social media, with the Tesla and SpaceX CEO describing the president's sweeping tax and spending bill as a "disgusting abomination", as per a whether he thought his son had made a mistake by engaging in a public clash with the president, Errol Musk said people were sometimes unable to think as clearly as they should "in the heat of the moment", Reuters reported."They've had five months of intense stress," Musk told Reuters at a conference in Moscow organised by conservative Russian tycoons."With all the opposition cleared and two people left in the arena, all they have ever done is get rid of everything and now they are trying to get rid of each other - well that has to stop."Asked how it would end, he said: "Oh, it will end on a good note - very soon."Neither the White House nor Musk could be reached for comment outside normal U.S. business hours. Trump said on Saturday his relationship with Musk was over and that there would be "serious consequences" if the world's richest man decided to fund U.S. Democrats running against Republicans who vote for the tax and spending bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head an effort to downsize the federal workforce and slash father told reporters he was standing by his son."Elon is sticking to his principles but you cannot always stick to your principles in the real world," Musk's father said. "Sometimes you have to give and take."Speaking beside sanctioned Russian businessman Konstantin Malofeyev, Musk's father praised President Vladimir Putin as a "very stable and pleasant man." He accused "fake media" in the West of projecting "complete nonsense" about Russia and for casting it as an enemy.A1. President of Russia is Vladimir Putin.A2. Elon Musk's father is Errol Musk.

India's Thirst For Power: How Coal Plants Are Draining Water-Starved Regions Like Solapur
India's Thirst For Power: How Coal Plants Are Draining Water-Starved Regions Like Solapur

News18

time2 hours ago

  • News18

India's Thirst For Power: How Coal Plants Are Draining Water-Starved Regions Like Solapur

Last Updated: India's rising electricity demand is driving investment in coal power plants, causing water shortages in places like Solapur. Despite this, $80 billion will be invested by 2031 Growing demand for electricity in India, driven by rising population and industrialisation, is prompting the government to prioritise coal-based power plants due to the country's abundant coal resources. However, these thermal power plants consume a significant amount of water, creating water shortages for local residents and industries in the areas where they are established. A notable example is Solapur in Maharashtra, where the installation of a coal-based power plant by NTPC in 2017 has led to severe water shortages during the summer. Prior to the plant's establishment, residents received a drinking water supply every other day, but now, in the summer, water is sometimes available only once a week. Similar situations are reported in other regions with coal-based power plants. India faces a challenging dilemma: it houses 17% of the world's population but only has 4% of the global water resources. Despite this, the country plans to invest $80 billion in water-consuming coal-based plants by 2031. According to the Ministry of Power, most of these new plants are proposed in the most arid areas of the country. Experts speaking to Reuters have warned that this thermal expansion could escalate conflicts between industries and local residents over water resources. The Ministry of Power's list shows that 37 of 44 new projects are located in areas declared as water-stressed. NTPC, which sources 98.5% of its water from water-stressed regions, is involved in 9 of these projects. India had attempted to reduce its reliance on coal before the Covid-19 pandemic but reversed this policy post-pandemic. The country has invested heavily in solar and hydro power, but water-intensive thermal power is expected to dominate for decades. Former power secretary Ram Vinay Shahi explained, 'The only energy source we have in the country is coal. So, coal is given priority over water." Since 2014, India has lost 60.33 billion units of coal-based power generation due to water shortages, equivalent to 19 days of power supply at June 2025 levels. The Chandrapur Super Thermal Power Station in Maharashtra has faced similar issues, with many units shutting down for months due to insufficient monsoon rainfall. Acquiring land for coal plants in India is challenging due to complex land laws. Consequently, the government and companies opt for locations where land is more readily available, even if these areas have water shortages or require water to be transported from afar. 'Companies choose areas where there are fewer hurdles in acquiring land—even if water has to be brought from far away. This happens because land availability remains the primary factor in decision-making," said Rudrodeep Majumdar of the National Institute of Advanced Studies in Bangalore. Former Union Power Minister Sushilkumar Shinde, who played a key role in setting up the Solapur plant, argues that it provided employment to thousands and fair compensation to farmers for their land. He attributes current issues to local administrative negligence. In Solapur, water shortages have intensified since the power plant's establishment. Local resident Rajni Thoke says that her entire day is devoted to securing water during the summer. 'When the water comes, I just focus on collecting water, washing clothes, cooking… everything else takes a back seat," she said. Whenever water flows into the local reservoirs and taps, the whole family reportedly gathers to fill pots, buckets, tanks and more. Sachin Ombase of the Solapur municipality acknowledged that the water distribution system has not kept pace with population growth but asserts efforts are underway to address the problem. NTPC told Reuters it is working to conserve water at the Solapur plant through technologies like recycling, treatment, and reuse, though it did not provide details on expansion plans. According to a May 2023 government report, the plant is one of the least water-efficient and has the lowest capacity utilistion. First Published: June 09, 2025, 19:28 IST

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store