The United Kingdom’s financial regulator raised a ban on notes exchanged by the crypto (CETN) exchange for retail investors accepted by industry leaders as a step towards the country’s alignment in the global crypto markets and strengthening its position as a digital asset hub.
On Friday, the UK financial authority authority (FCA) The ban is reversed Accessing the retail in the Cetns, with changes to the regulation that occurring since October 8. The ban was implemented in January 2021, citing severe volatility and “lack of legitimate investment needs.”
The return of the Cetn Ban reflects a change in the regulator approach to crypto assets. In a statement, an FCA executive said the decision reflects how the market has changed and how the crypto -related products are better understood.
As the FCA raised the ban, viewers and industry stakeholders shared their developmental thoughts. Some are grateful for moving as a step towards developing, while others criticize the UK using satire.
The FCA community responded to lifting the ban on crypto etns
“We are glad to see this reversal,” said Ian Taylor, board of Crypouk and HT Digital Operating Officer Chief Operating Officer. “To date, the UK has become an outlier in the ETN. This change reflects the development we have made to introduce a more proportional approach to consumer risk.”
Taylor told Cointelegraph that Cryptouk, a trading association for the digital asset industry, was lobbying for more inclusive access to regulated products such as ETNs, which monitors the performance of crypto assets without the need to direct.
Riccardo Tordera, the Director of Policy and Government Interaction with the UK-based Payment Industry, the Payment Association, has optimized Taylor’s optimization:
“The intrinsic nature of crypto means it can be accessible by everyone, from everywhere. The FCA ban on accessing retail in certain crypto products prevents UK’s chances of becoming a global crypto hub.”
Tordera told Cointelegraph that the FCA’s decision allowed individuals to “make their own choices at their own risk.”
He said the restriction of access to the cetns puts the UK in a disadvantage, degrading its global competition.
“It’s a welcome step,” he added. “The FCA prohibition is extremely protective and that -moothed when professional investors are allowed to be accessible last year.”
While some accepted the move, the skeptics also chimped. Wallstreetbets founder Jaime Rogozinski develops a moment with sarcasm, saying, “Britain likes financial risk – not just the kind that involves, say, vegetable or an industry policy.”
Related: UK Crypto expects the stall, but ‘encouraging signs’ are present
Crypto derivatives remain banned
As the FCA reversed its prohibition on the CETNs, the regulator made it clear that crypto derivatives are still prohibited.
“The FCA ban on accessing retail to crypto asset derivatives stays in place,” the FCA Says on Friday.
Crypto derivatives include futures, choices and eternal contracts. The regulator added that it will monitor market developments and consider its approach to high risk investments.
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