Now British authorities are lining up a possible cryptocurrency ban

The Financial Conduct Authority is considering outlawing certain cryptocurrency derivatives in the UK…

Most of the headlines to do with cryptocurrency authorities and regulation have centred around the SEC in America of late. But now it’s the UK’s turn to have a go.

The Financial Conduct Authority (FCA) is now said to be considering a ban on certain cryptocurrency derivatives in the near future, adding to the list of problems that’s facing the crypto industry as things stand.

The news has come courtesy of FCA executive board member Christopher Woolard.

Woolard also serves as director of strategy and competition for the FCA, and at an event earlier this week, he gave a speech in which he said that the FCA is set to “consult on a prohibition of the sale to retail consumers of derivatives referencing certain types of crypto assets (for example, exchange tokens), including contracts-for-difference, options, futures and transferable securities”.

The FCA isn’t stopping there, either. It’s consulting on just which cryptocurrency assets should be falling within its existing powers, presumably with a view to what actions it can currently take and against who. Beyond that, though, it’s also said to be interested in expanding its field of interest, to cover more cryptocurrencies as part of its work.

Already, the treasury department is undertaking not dissimilar work, with an eye on ensuring cryptocurrency can’t be used to get around money laundering work.

What there seems precious little of is actual support for the crypto industry. The FCA and Treasury are expected to turn their consultations into firm actions in 2019.

The full text of the speech that Woolard gave can be read here.

Image: BigStock

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