The financial conduct authority UK (FCA) has warned that companies offering related cryptocurrency derivatives services, you will need special permission for this activity. It is reported by CoinDesk.
According to the statement of the regulator, despite the fact that FCA does not consider cryptocurrencies currencies or commodities that would be subject to regulation, cryptocurrency derivatives under the current rules can be considered as financial instruments.
“Thus, companies that carry out regulated activity with cryptocurrency derivatives must comply with all applicable rules of the FCA Manual and any relevant provisions of the European Union”, — stated in the message of the FCA.
The British regulator also noted the possibility that a special resolution will require companies that offer derivatives associated with cryptocurrencies or tokens issued during IPOs of coins (ICO). In the referenced products included futures on crypto-currencies, contracts for difference (CFDs) and cryptocurrency options, however, ICO may be subject to or not subject to regulatory oversight by the FCA “, depending on the nature of the released tokens”.
It is emphasized that if the company is not authorised by the FCA and offers products or services that require such authorization, and its activities will be treated as a criminal offense. Disciplinary measures will be applied to authorized firms that offer such goods and services without permission.
We will remind, in March in the UK announced the establishment of the ad hoc working group on cryptocurrency assets, which, in addition to the FCA, included representatives of the Treasury and the Bank of England.