Crypto firms face new rules in uk

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Crypto firms face new rules in uk

While the new regulations temporarily give crypto firms the ability to authorize their own promotions in the country, only firms that register with the Financial Conduct Authority as virtual asset service providers get that privilege. Companies must improve their online platforms to warn potential customers of investment risks.

Crypto firms that operate mostly online must make changes to their websites to comply with the requirements of the law. The FCA earlier this month said that firms had faced significant challenges trying to implement a 24-hour cooling period for first-time buyers, requiring platforms to wait at least a day for users to re-confirm they want to receive invitations to invest. The government has also said firms have struggled to place measures to assess whether certain products are appropriate for clients.

'I think we've just been working as quickly as possible to kind of develop the back-end platform changes that are necessary as well as review our content,' said Moonpay's Deputy General Counsel Matt Sullivan.

t actually provide the service from the U.K. and things like that. It's much harder to take those views, Mr. Ossio said in a statement. Reverse sollicitation is the argument that clients should approach a company first.