The British financial controller issued a memo for banks on working with cryptocurrency active assets

The British financial controller issued a memo for banks on working with cryptocurrency active assets

By

A management on the U.K.’s Financial Conduct Authority (FCA) produced guidance for banks with recommendations on minimization of the risks related to bitcoin and other cryptocurrency assets. CoinDesk reports about it.

To the report of FCA the statements chief executives are driven on the supervision of Jonathan Davidson and Megan Butler, according to that jars must apply the especially individual going near clients working with crypto assets, because the “risk related to the different operations the one category can differentiate”.

“The risk oriented approach does not mean that jars must go near all carrying out such activity clients identically. We expect instead, that jars acknowledge that the risk related to the different business operations in one category can be varied, and will properly manage these risks”.

Thus, a regulator offered the row of “good” measures, that jars must accept for minimization risks from clients, using cryptocurrencies in “criminal aims”. FCA called jars to promote the awareness the employees in the field crypto assets, to understand nature of business clients that work with them, and it is correct to define risks that arise up here.

As FCA marks, the risk of the use cryptocurrency that is issued by the state consists in that she is “intended for avoiding international financial approvals”. Taking into account risks related to ICO, a regulator declared that such practice supposed a “enhanceable risk to fall a prey investment swindle”.

At the end in December, 2017, when bitcoin attained record prices, FCA alerted investors to the risks to lose the assets, declaring that bitcoin is a bubble and “strange” commodity.

We will remind, in May of FCA began investigation the activity at once 24 different cryptocurrency companies.

Leave a Comment

Your email address will not be published.

You may also like

Hot News