The UK joins the team of regulators

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2018-05-29
The UK joins the team of regulators

The Office for Financial Regulation and Supervision of the United Kingdom (FCA) has begun to investigate the activities of 24 different cryptocurrency companies. According to the FCA, the investigation concerns unauthorized activities and aims to determine whether these companies do not need special permission from the FCA. The names of companies are not disclosed.

If the fact of unauthorized activities is established, the FCA may, as one of the measures, limit itself to a warning on its website, in which users will be advised to refrain from using the services of these companies.

However, it is possible that the scenario in which the regulator can take more stringent measures is not excluded. Other measures may include a criminal investigation and a procedure for recognizing companies’ insolvency.

At the same time, the Office noted that not all firms that work with digital currencies fall under its jurisdiction.

In April, FCA announced a joint with the UK Treasury and the Bank of England preparing a report on crypto-currencies. Also, the Office stated that companies, offering services related to crypto-currency derivatives, hire a special permit for this type of activity.

In September 2017, FCA also told in the interview to The Financial Times that most of the tokens sold under various ICOs fall under the current legal and regulatory framework of the country.

“Many ICOs do not fall into a regulated field. Nevertheless, depending on the structure and features of the token, some of the investments may be regulated by law. Companies and firms participating in the ICO can carry out regulated activities, “said the representative of the FCA.
True, the regulator did not specify in which cases the provisions of the legislation in the sphere of securities and the stock market will be applied, and in which there are not.

CRYPTOCURRENCIES
  • bitcoinBitcoin$3,586.91
  • rippleXRP$0.320318
  • ethereumEthereum$118.96
  • tetherTether$1.00
  • eosEOS$2.40
  • stellarStellar$0.104595
  • litecoinLitecoin$30.59
  • cardanoCardano$0.043622
  • tronTRON$0.024569
  • moneroMonero$44.45
  • iotaIOTA$0.304376
  • nemNEM$0.055809
  • dashDash$69.54
  • neoNEO$7.45
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