The improving prospects of cryptoassets

Michael Cumming-Bruce

Michael Cumming-Bruce

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The cryptoasset industry has been much in the spotlight recently, often for all the wrong reasons. It was reported by the Financial Times on 7 October 2019 that the FCA is investigating 87 firms in the cryptocurrency space, representing a 74% increase on the number investigations it carried out in the sector in 2018. To underline the message that the regulator is keen to take a tougher line, on 1 November 2019 the FCA published a consultation paper which proposed a requirement for cryptoasset businesses to register with it by 10 January 2020. Businesses liable to be affected by these proposals include cryptoasset exchange providers, wallet providers and businesses contemplating initial coin offerings. 

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