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ARTICLE · 04 MAY 2018

UK FCA Publishes Statement On Cryptocurrency Derivatives

McCarthy Tétrault
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On April 6, 2018, the UK FCA issued a statement on cryptocurrency derivatives indicating that cyrptocurrency derivatives may be considered financial instruments under the European Union's Markets in Financial Instruments Directive II, ...

United KingdomFinance and Banking
SnIP/ITs Blog
SnIP/ITs Blog
Arie Van Wijngaarden
Arie Van Wijngaarden
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On April 6, 2018, the United Kingdom Financial Conduct Authority (FCA) issued a statement on cryptocurrency derivatives (the FCA Statement) indicating that cyrptocurrency derivatives may be considered financial instruments under the European Union's Markets in Financial Instruments Directive II (MIFID II), even though cryptocurrencies themselves are not currently directly regulated by the FCA unless they are part of other regulated products or services.

MIFID II, which came into effect in January 2018, sets standards for trading in "financial instruments" to "increase transparency, better protect investors, reinforce confidence, address unregulated areas, and ensure that supervisors are granted adequate powers to fulfil their tasks."

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