UK Regulations incoming and there looking pretty harsh, ( reason behind the drop in the markets today ) how will this effect ETN?
Yet theres no mention of what these actual regulations are. Seems like clickbait to me
Perhaps you should try reading a little rather than reacting to a title !!!
The Treasury is planning to regulate Bitcoin and bring in new rules which force traders in cryptocurrencies to disclose their identities.
Patrick Curry, chief executive of the British Business Federation Authority has claimed that inappropriate legislation could force crypto exchanges to move out of the UK, damaging the country’s standing as a fintech hub.
Mr Curry said: “It is a very blunt instrument approach and I haven’t seen this in other countries. The use of this technology is still a voyage of discovery and these technologies are being refined for different types of use. My concern is the law of unintended consequences.”
Their report responds to prompts for the Government to extend the power of the FCA’s “Regulated Activities Order”, which governs the UK financial market.
So basically the UK government is being very blunt instrument approch to the whole situation which is causing fintech and crypto to be of concern in the UK from a regulatory standpoint
Try not use the word clickbait till youve read everything your only making yourself look silly
Perhaps you should read the article alittle better… where are the regulations stated?? what are these rules??
“has claimed that inappropriate legislation could force crypto” notice the word “claimed” and the word “could” to many if and buts… its a bunch of quotes with no real substance on whats going to actually happen…
How is knowing who a trader is going to force companies out of the UK, the article quotes people saying bad things but yet fails to show reasons why its just a quick written article with not enough facts to prove the points from the quotes shown. So my point is pretty valid typical article ow some bad stuff could happen look at these bad quotes…
Please think before making a silly comment next time…
the article alludes to the fact that the government is using a blunt knife approach to crypto and not being sophisticated enough to see the intricacies of the crypto market and crypto as a whole. how about not only reading the article but also keeping your EGO in check also ,its ok to be humbled once in a while its good for the system gives you perspective !
and its odd that you dont even comment on the fact that todays drop in the market is all to do with this issue emerging from the UK
Look articles like this should be taken with a grain of salt is what Im saying, I simply copied what you said so the ego thing does not fit im afraid.
We have had countries do uturns on crypto many times, opinions have changed constantly with big players and big names so I have heard it all before. Before its made more concrete Im not going to take any notice.
nothing to do with a grain of salt , the fact the UK government is bringing in regulation is something of concern for those projects that have absolutely no compliance. My question regarding how this would effect ETN was actually to see what people thought , i for one know that ETN stands a better chance than any other project to handle such regulatory issues. but its not good for the entire space which is now being reflected by the market sentiment at the moment. Please try and understand the spirit of the post , if you assume the worst before you assume the best it only comes across as if your suffering from cognitive dissonance and are unable to discuss an issue !
Were discussing the issue now, the article feels like its lacking substance so I don’t think its an issue from reading it. If I read some more that actually puts forward more details about these proposed changes and how likely they are to happen maybe I will change my mind.
if there is a major ban, etn can move to singapore like so many projects already do.