The UK’s regulator the financial (FCA) authority authority (FCA) will allow consumers to access the crypto exchange traded note (CETN), as the guard aims to grow digital assets in Britain.
Moving means that cetns can be sold to individual buyers Instead of only professional investors In the UK, they were given to an investment exchange approved by the FCA (a recognized investment exchange or RIE), according to an release of the FCA press on Friday.
The FCA has taught that similar products are already available in other countries. The FCA’s prohibition on retail access to cryptoasset derivatives will remain in the area, while the regulator continues to monitor market developments and consider its approach to high-risk investments, the discharge said.
While regulations regulated worldwide, the UK felt needed to compete, such as the UK government evidence Consultations on Crypto Rules and Recent Comments From Exchequer Chancellor Rachel Reeves.
“This consultation shows our commitment to supporting the growth and competitiveness of the UK crypto industry,” said David Geale, executive director of payments and digital assets at the FCA.
“We want to re-weigh our risk of risk and lifting ban will allow people to make the choice if such a high risk investment is right for them given that they can lose all their money,” Geale said in a statement.
Existing UK promotional policies will apply for consumers to get information at risks and are not offered inappropriate incentives to invest, in the same way as if they bought cryptoassets directly, the FCA said.
“This development is fully aligned with the UK’s ambition to position itself as a sophisticated jurisdiction over the crypto space,” said Diego Ballon Ossio, a partner in Clifford Chance via email.
“Not only will it unlock exposure to crypto assets for retail investors but stands as a signal that the UK is open to crypto. More work is needed in the thorough treatment of these ownership but we will definitely go in the right direction,” he said.
