Latest news with #FCA-approved
Yahoo
2 days ago
- Business
- Yahoo
UK Regulator FCA to Lift Ban on Crypto ETNs for Retail Investors
U.K. financial regulator the Financial Conduct Authority (FCA) said it will allow consumers access to crypto exchange traded notes (cETNs), as the watchdog aims at growing digital assets in Britain. The move means cETNs could be sold to individual consumers rather than just professional investors in the U.K., provided these are traded on an FCA-approved investment exchange (a Recognized Investment Exchange or RIE), according to an FCA press release on Friday. FCA pointed out that similar products are already available in other countries. The FCA's ban on retail access to cryptoasset derivatives will remain in place, while the regulator continues to monitor market developments and consider its approach to high-risk investments, the release said. As regulatory regimes are put in place around the world, the U.K. is feeling the need to compete, as evidenced by U.K. government consultations on crypto rules and recent comments from the Chancellor of the Exchequer Rachel Reeves. 'This consultation demonstrates our commitment to supporting the growth and competitiveness of the UK's crypto industry,' said David Geale, executive director of payments and digital assets at the FCA. '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,' Geale said in a statement. The U.K.'s existing financial promotion rules would apply so consumers get information on the risks and would not be offered inappropriate incentives to invest, in the same way as if they bought cryptoassets directly, the FCA said. "This development is fully aligned with the U.K.'s ambition to position itself as a sophisticated jurisdiction in the crypto space," said Diego Ballon Ossio, Partner at Clifford Chance via email. "It will not only unlock exposure to crypto assets for retail investors but stands as signal that the U.K. is open to crypto. More work is needed on the Prudential Treatment of these assets but we are certainly heading in the right direction," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
2 days ago
- Business
- Economic Times
UK to end ban on retail investors buying crypto exchange-traded notes
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.
Time of India
2 days ago
- Business
- Time of India
UK to end ban on retail investors buying crypto exchange-traded notes
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. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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.
Yahoo
2 days ago
- Business
- Yahoo
UK to end ban on retail investors buying crypto exchange-traded notes
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.
The Star
2 days ago
- Business
- The Star
UK to end ban on retail investors buying crypto exchange-traded notes
FILE PHOTO: Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo 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)
