• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

British watchdog demands more power over crypto promotions

September 6, 2021 by David Barret Leave a Comment

September 6, 2021

By Huw Jones

LONDON (Reuters) – Britain’s Financial Conduct Authority (FCA) called on Monday for powers to govern the online promotion of cryptoassets to combat a flood of “problematic content” which it said has no value.

With some cryptoassets using social media influencers and other celebrities to promote so-called tokens, Britain’s finance ministry has already consulted on the need to regulate them.

The rapid growth of cryptoassets has created a new and complex market for regulators around the world to police, with some acting to curb the activities of players in the sector.

The FCA in June banned Binance from undertaking any regulated activity in Britain, saying the global crypto exchange is not capable of being supervised properly. Binance has said it fully complies with the FCA’s requirements.

“There are no assets or real world cashflows underpinning the price of speculative digital tokens, even the better known ones like Bitcoin, and many cannot even boast a scarcity value,” FCA Chair Charles Randell said in a speech.

He likened the Internet to the Augean stables in Greek mythology, which needed Hercules to divert two rivers to wash away decades of manure.

“We’ll need two streams to tackle the problem of online financial scams: appropriate regulation, including self-regulation by online platforms and robust enforcement by the authorities; and greater consumer awareness about online scams.”

“It’s essential to find the right balance between appropriate regulation to protect consumers and markets and encouraging useful new ideas in this space,” Randell said.

Matthew Nyman, a crypto lawyer at law firm CMS, said Randell’s speech was balanced and did not suggest regulating crypto assets any more strictly than shares.

“We are not going to award FCA registration or authorisation to businesses which won’t explain basic issues, such as who is responsible for key functions or how they are organised,” he said. “That would be token regulation in the worst sense.”

The global Basel committee of banking regulators is consulting on whether holdings by banks of speculative digital tokens should be covered by mandatory full capital charges, which could affect prices of the assets.

“Giving speculative tokens a high risk price tag is likely to make crypto currency dealing and investment very expensive and could limit the number of new institutional entrants,” Susannah Streeter, an analyst at Hargreaves Landsdown, said.

(Reporting by Huw Jones; Editing by Kevin Liffey, Edmund Blair and Alexander Smith)

Source Link British watchdog demands more power over crypto promotions

David Barret
David Barret

Related posts:

  1. Best WordPress hosting of 2021
  2. Inflation shock and ECB hawks keep euro near 1-month high
  3. Soccer-Ronaldo claims world record with late late show
  4. U.N. warns catastrophe looms in Ethiopia’s north, urges government to end de facto aid blockade

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Restless Leg Syndrome Might Increase Someone’s Risk Of Parkinson’s Disease
  • Behold! The World’s First Butt-Drag Fossil, Committed By A Rock Hyrax 126,000 Years Ago
  • Norovirus Is Rife On US Cruise Ships – 2025 Hits 18-Year Outbreak High
  • New Species Of Tiny Glowing Lanternshark And Ghost-Like Crab Discovered In Deep Sea
  • Hairy Frog: The Wolverine Frog That Breaks Its Bones To Make Claws When Threatened
  • Move Over, Footballfish – This Deep-Sea Freak Might Just Be The Most Cursed Creature In The Ocean
  • The Strongest Magnetic Field On Earth Is Located In The US. It Measures 1,000,000 Gauss
  • Gold Literally Grows On Christmas Trees In Lapland
  • Meet The Fishing Spiders: Stealthy, Semi-Aquatic Hunters That Can Kill Prey 5 Times Their Size
  • Jupiter-Bound Mission To Snap Interstellar Comet 3I/ATLAS: “This Campaign Was Unexpected For Everybody”
  • 432 Hz Or 440 Hz? The Conspiracy Theory That All The World’s Instruments Are Tuned Wrong
  • “It Smells Really Bad”: Ancient Life Frozen In Alaska For 40,000 Years Has Been Woken Up
  • China Is Building The First “AI-Powered” Data Center In Space –Why?
  • Macroscopic Quantum Mechanics Discoverers Win Nobel Prize in Physics
  • How Much Of The Sun’s Radiation Is At Wavelengths We Can See?
  • Alcohol And Dementia Risk: There Is No Safe Level Of Drinking
  • Interstellar Object 3I/ATLAS May Have Been Caught In Perseverance Rover Photo
  • Friendly Falkland Islands “Wolf” Was Actually The Last Stronghold Of A Fox Domesticated In South America
  • Wolf-Dog Hybrid Found In Greece For First Time, Marking A New Twist In Wolves’ Return To Europe
  • Nobel Prize-Winning Physicist George Smoot, Who Made The First “Baby Pictures” Of The Universe, Dies Aged 80
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version