April 6, 2018 / 9:46 AM / in 10 months

Britain's FCA warns cryptocurrency-linked activities likely need its approval

LONDON, April 6 (Reuters) - Britain’s financial markets regulator said on Friday that firms offering services linked to cryptocurrency derivatives must meet all relevant rules in the regulator’s handbook or could face enforcement action.

The Financial Conduct Authority said that while it does not currently regulate cryptocurrencies, dealing or arranging transactions in, advising on or providing other services related to derivatives referencing currencies or tokens issued through an initial coin offering would likely require its authorisation.

This includes cryptocurrency futures, cryptocurrency contracts for differences (CFDs) and cryptocurrency options, it continued.

“It is firms’ responsibility to ensure that they have the appropriate authorisation and permission to carry on regulated activity,” the FCA said in a statement on its website.

“If your firm is not authorised by the FCA and is offering products or services requiring authorisation it is a criminal offence. Authorised firms offering these products without the appropriate permission may be subject to enforcement action.” (Reporting by Simon Jessop, editing by Emma Rumney)

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