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The United Kingdom strengthens its regulation

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November 23, 2017 | 

665 Views | 

Joanna Newman | 

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The United Kingdom strengthens its regulation

Since the emergence of cryptocurrencies and ICO (Initial Coin Offering), most countries are trying to regulate this new space.
This is not without difficulties.
Some countries have simply banned platforms on their territory. This is the case of Vietnam for example.
Others are working on laws to protect the consumer.
Still others are content to fight against money laundering and the financing of international terrorism as in the United States.

UK tabled amendment on anti-money laundering law

It is in this desire to fight against money laundering and the financing of terrorism that London must make changes to its law on cryptocurrency trading platforms.
The law should encompass both trading platforms and wallet providers.

The United Kingdom Government is therefore negotiating amendments to the Fourth Anti-Money Laundering Directive and the Financing of Terrorism.

Consumer warnings

This comes after two warnings:
First, by the Financial Conduct Authority (FCA), against the risks of ICOs.
Then, two weeks ago, about CFDs for cryptocurrencies.
Regarding CFD crypto currencies, the regulator explained that the latter were extremely volatile and therefore very risky. Not to mention the risks associated with the leverage effects that some platforms offer.
The regulator will therefore oversee platforms offering cryptocurrency CFDs.
These must be authorized by the FCA.
It is undeniable that these protections will not be able to protect investors against transaction losses.
And these regulations obviously only concern platforms authorized in the European Economic Area (EEA).
Individual complaints should be addressed to the Financial Ombudsman Service (FOS).
However, if the platform concerned is in the EEA.

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