The financial Supervisory authority of great Britain warned that companies offering services on cryptocurrency derivatives must meet all the requirements of the regulator. Otherwise they may face sanctions.
The financial conduct authority (FCA) said that it does not consider cryptocurrencies as currencies, or commodities subject to regulation. But cryptocurrency derivatives can be recognized as financial instruments in accordance with the applicable rules.
“Consequently, firms conducting regulated action with cryptocurrency derivatives must comply with all applicable rules in the FCA’s Guide and any relevant provisions of the European Union”, — reads the statement of the regulator.
The FCA explained that the most likely companies wishing to offer derivatives associated with cryptocurrencies or tokens issued via the ICO must obtain a permit. Among the products — futures on crypto-currencies, contracts for difference (CFDs) and cryptocurrency options.
The regulator added that the ICO “may be subject to or not subject to regulatory oversight by the FCA, depending on the nature of the released tokens”.
“If your firm is not authorised by the FCA and offers products or services that require permission, it is a criminal offence. Authorized firms that offer these products without proper authorization may be subject to disciplinary measures,” warned the regulator.
Earlier, the FCA stated that it will conduct an in-depth analysis of the applicability of national legislation to the mechanism of the initial offering of coins (ICO).