Vast majority disagrees with United Kingdom's Crypto Derivatives ban

Vast majority disagrees with United Kingdom's Crypto Derivatives ban

By ircrp | ircrp | 9 Oct 2020


 

Further to the recent news announcing a regulatory ban being enforced preventing retail investors from using Crypto Derivatives solutions from the beginning of new year in the United Kingdom, the Financial Conduct Authority (FCA) has shortly after posted a document which includes information about a survey carried out with some interesting findings inside.

  • The Survey has been carried out amongst 527 individuals ranging from retails customers, academics and legal professionals through to firms that provide Crypto Derivatives solutions such as sale.
  • Out of 527 respondents 97% has opposed the introduction of the regulation enforcing ban on Crypto Derivatives having vastly different viewpoints to the ones FCA argues for with the main conflicting argument being that of the Crypto assets intrinsic value.
  • The FCA argues the regulation will protect the consumers from investing into the volatile, manipulated and vulnerable market with most retail consumers allegedly having a lack of understanding in regards to the intrinsic value and risk of those investments.
  • The respondents have heavily opposed the statement from the FCA which argues that “we don’t think that crypto-assets being exchanged for fiat currencies equates to intrinsic value” with most posing a counter argument in regards to the use of Crypto as a means of payments for goods and services, with some pointing out that as of today you can buy goods and services from companies like Starbucks and Microsoft through Bitcoin payments via service offered by Bakkt.
  • Regardless of the disagreement the FCA has decided to go ahead and will be enforcing the ban from the 6th of January in the United Kingdom.

 

 

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ircrp
ircrp

Crypto enthusiast and a first-time blogger with a full time software engineer work as a passion

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