FCA opens Regulatory Sandbox

On 9 May the UK FCA announced the opening of its ‘regulatory sandbox’ to firms. If you have an innovative idea then subject to meeting the conditions (here), then you should apply to join the...

UKGC to Monitor Digital Currencies

The 2015-2016 Annual Report of the UK Gambling Commission includes a statement from Chief Executive Sarah Harrison. The Chief Executive refers to computer gaming and e-sports (competition based video game tournaments) as raising questions for...

Bank of England and FCA Offer Submission to Treasury’s Crypto Inquiry

On 22 May 2018, the Financial conduct Authority (FCA) and the Bank of England (BoE) submitted their written positions on cryptocurrencies to HM Treasury’s inquiry on digital currencies. Both institutions have not provided any...

UK HMT not intent on regulating wallets

Action Plan for anti-money laundering and counter-terrorist finance from HM Treasury dated April 2016. HMT confirms that they will extend scope of AML requirements to digital currency exchanges however they will not try to capture...

Cryptocurrency Regulation in the UK

Although, the UK stands as the hot spot for leaders in Fintech innovation and financial entrepreneurs, with regard to cryptocurrency, the UK seems to be falling behind for the title of “world leader”. ....

Money Laundering Regulations 2007 – UK

Money Laundering Regulations 2007 (MLR) ONLY applies to regulated businesses in the UK. These place proactive obligations on regulated firms to conduct customer due diligence, record keeping. Some of the requirements are as follows: Application of customer due...

UK likely to flourish in the Blockchain and cryptocurrency sector with potential to hold...

The UK is estimated to become the worldwide leader in blockchain technologies and the crypto economy. This comes after Britain was concluded to have all the required resources, as well as industrial and government...

Are you trading a digital currency derivative? UK

Financial Markets Act 2000 (FSMA) is the main legislation regulating the financial services industry. This may affect you if you are trading digital currency derivatives in the UK. Core prohibition under s.19 FSMA: "(1)No person may...

Equiping UK Prosecutors with effective powers to seize virtual currency

Yesterday, the Crown Prosecution Service (CPS) made submissions to the Home Affairs Committee regarding the need to have new laws to give better powers to the CPS to seize bitcoins from offenders. The Evening Standard picked up...

FCA and ASIC Co-operation Agreement

UK Financial Conduct Authority and Australian Securities & Investment Commission have agreed a co-operation agreement. The purpose of the agreement is to improve sharing of information between the regulators and refer fintech businesses from their...