The UK is aiming to enhance clarity around crypto regulation.
Looking over the global crypto landscape, it seemed recently as though the UK wasn't keeping pace with other regions. In the US, the SEC finally approved spot Bitcoin ETFs, and the new products have enjoyed an explosive start, demonstrating sustained demand and impressive volumes.
There is anticipation also for similar ETFs in Hong Kong, and on the regulatory front, the EU appears to be moving quickly, having already created a bespoke package of crypto regulation called MiCA.
Meanwhile, over in the UK, itโs been an uncertain picture with mixed messages, as among promises from some politicians of an innovative approach, regulatory clarity is yet to emerge, and there appears to be a risk that crypto enterprises might choose to look elsewhere for welcoming locations in which to do business.
However, amid the ambiguity, a positive signal has flashed, with London-based trading platform OANDA Crypto launching for business in the UK. As the name suggests, the OANDA Crypto exchange is an offshoot of the US-based, globally-operating brokerage firm OANDA, which already operates a crypto arm in the US in collaboration with stablecoin issuer Paxos.
Regulatory compliance has become a key concern for companies wishing to operate British crypto services, and in OANDAโs case, its entry into the UK crypto market was enabled through the acquisition, last August, of a majority stake in British crypto firm Coinpass, which is itself registered with UK regulator the Financial Conduct Authority (FCA.)
The new launch stands out as itโs occurring at a time when several crypto-native platforms (including major names Kraken and Binance) have been pausing or limiting their services for UK-based users due to concerns about compliance with FCA crypto rules.
However, in the case of OANDA and Coinpass, it appears that dealing with the FCA and offering crypto services to UK users are viable prospects.
New Laws Within Six Months?
All in all, itโs a mixed picture in the UK, especially when it comes to assessing the overall intentions of the authorities towards the crypto industry. At the same time, though, we now have OANDA Crypto moving decisively and in full compliance with those authorities, and in a further positive development, meaningful attempts to clear up the rules and, in the process, define a long-term strategy, may soon be on the way.
Earlier this month, the UKโs Economic Secretary to the Treasury, Bim Afolami, indicated that the government is in a hurry to get its guidelines on crypto fully in place and operational when he stated publicly, with reference to creating legislation around stablecoins and crypto staking,
โWe want to get these things done as soon as possible. And I think over the next six months, those things are doable.โ
Certainly, the crypto world is moving fast at the moment, and after the crashes and collapses of 2022, when FTX went bankrupt, followed by 2023's rapid recovery, which was impressive, but during which mainstream attention was elsewhere, 2024 is now taking on a markedly different, and far more bullish, character.
With that in mind, the pressure is now on regulators to have constructive crypto strategies in place.
FCA Demonstrates Commitment to Advertising Enforcement
As for how the FCA is regulating crypto in the UK right now, new rules around promotion came into effect last October, which distinguish crypto assets from regular high-risk investments, and categorize them instead as โrestricted mass market investmentsโ, with close controls on the ways they can be marketed.
Subsequently, according to an FCA report published earlier this month which presents data from 2023, the FCA hasโsince new regulation came into force through to the end of 2023โissued 450 consumer alerts with regards to crypto firms breaching promotional regulations and brought about the removal from app stores of 35 crypto products.
Additionally, the FCA has spoken of creating what it terms โpositive frictionsโ for users of crypto platforms, with, for example, those who want to trade crypto required first to effectively pass a test by correctly answering a series of crypto-related questions.
However, there have been anecdotal complaints from users claiming to be seasoned traders, who were baffled by what they saw as unexpected quizzes, and on the whole, there are questions about how this approach aids in optimally positioning the UK as a serious contender in the crypto industry.
After all, a constant area of focus among those working in crypto is on how to remove friction from the crypto experience and ease participation for newcomers, and as such, it may be disconcerting to witness initiatives to deliberately place bumps in the road while at the same time hearing from politicians (up to and including Prime Minister Rishi Sunak) that Britain can become a Web3 frontrunner.
Ultimately, then, while news of OANDA Cryptoโs UK launch comes as a welcome indicator that Britain is a place where crypto firms can operate, the need for a consistent approach from the authorities remains in the background.
Looking over the global crypto landscape, it seemed recently as though the UK wasn't keeping pace with other regions. In the US, the SEC finally approved spot Bitcoin ETFs, and the new products have enjoyed an explosive start, demonstrating sustained demand and impressive volumes.
There is anticipation also for similar ETFs in Hong Kong, and on the regulatory front, the EU appears to be moving quickly, having already created a bespoke package of crypto regulation called MiCA.
Meanwhile, over in the UK, itโs been an uncertain picture with mixed messages, as among promises from some politicians of an innovative approach, regulatory clarity is yet to emerge, and there appears to be a risk that crypto enterprises might choose to look elsewhere for welcoming locations in which to do business.
However, amid the ambiguity, a positive signal has flashed, with London-based trading platform OANDA Crypto launching for business in the UK. As the name suggests, the OANDA Crypto exchange is an offshoot of the US-based, globally-operating brokerage firm OANDA, which already operates a crypto arm in the US in collaboration with stablecoin issuer Paxos.
Regulatory compliance has become a key concern for companies wishing to operate British crypto services, and in OANDAโs case, its entry into the UK crypto market was enabled through the acquisition, last August, of a majority stake in British crypto firm Coinpass, which is itself registered with UK regulator the Financial Conduct Authority (FCA.)
The new launch stands out as itโs occurring at a time when several crypto-native platforms (including major names Kraken and Binance) have been pausing or limiting their services for UK-based users due to concerns about compliance with FCA crypto rules.
However, in the case of OANDA and Coinpass, it appears that dealing with the FCA and offering crypto services to UK users are viable prospects.
New Laws Within Six Months?
All in all, itโs a mixed picture in the UK, especially when it comes to assessing the overall intentions of the authorities towards the crypto industry. At the same time, though, we now have OANDA Crypto moving decisively and in full compliance with those authorities, and in a further positive development, meaningful attempts to clear up the rules and, in the process, define a long-term strategy, may soon be on the way.
Earlier this month, the UKโs Economic Secretary to the Treasury, Bim Afolami, indicated that the government is in a hurry to get its guidelines on crypto fully in place and operational when he stated publicly, with reference to creating legislation around stablecoins and crypto staking,
โWe want to get these things done as soon as possible. And I think over the next six months, those things are doable.โ
Certainly, the crypto world is moving fast at the moment, and after the crashes and collapses of 2022, when FTX went bankrupt, followed by 2023's rapid recovery, which was impressive, but during which mainstream attention was elsewhere, 2024 is now taking on a markedly different, and far more bullish, character.
With that in mind, the pressure is now on regulators to have constructive crypto strategies in place.
FCA Demonstrates Commitment to Advertising Enforcement
As for how the FCA is regulating crypto in the UK right now, new rules around promotion came into effect last October, which distinguish crypto assets from regular high-risk investments, and categorize them instead as โrestricted mass market investmentsโ, with close controls on the ways they can be marketed.
Subsequently, according to an FCA report published earlier this month which presents data from 2023, the FCA hasโsince new regulation came into force through to the end of 2023โissued 450 consumer alerts with regards to crypto firms breaching promotional regulations and brought about the removal from app stores of 35 crypto products.
Additionally, the FCA has spoken of creating what it terms โpositive frictionsโ for users of crypto platforms, with, for example, those who want to trade crypto required first to effectively pass a test by correctly answering a series of crypto-related questions.
However, there have been anecdotal complaints from users claiming to be seasoned traders, who were baffled by what they saw as unexpected quizzes, and on the whole, there are questions about how this approach aids in optimally positioning the UK as a serious contender in the crypto industry.
After all, a constant area of focus among those working in crypto is on how to remove friction from the crypto experience and ease participation for newcomers, and as such, it may be disconcerting to witness initiatives to deliberately place bumps in the road while at the same time hearing from politicians (up to and including Prime Minister Rishi Sunak) that Britain can become a Web3 frontrunner.
Ultimately, then, while news of OANDA Cryptoโs UK launch comes as a welcome indicator that Britain is a place where crypto firms can operate, the need for a consistent approach from the authorities remains in the background.
Sam White is a writer and journalist from the UK who covers cryptocurrencies and web3, with a particular interest in NFTs and the crossover between art and finance. His work, on a wide variety of topics, has appeared on platforms including The Spectator, Vice and Hacker Noon.
Bybit Ramps Up Crypto Compliance with VASP Registration in Georgia
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 โ the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether youโre in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
๐ Don't miss out โ secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 โ the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether youโre in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
๐ Don't miss out โ secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 โ the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether youโre in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
๐ Don't miss out โ secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 โ the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether youโre in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
๐ Don't miss out โ secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
๐ฃ Stay updated with the latest in finance and trading!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
๐ฃ Stay updated with the latest in finance and trading!
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24