New UK rules for crypto exchanges
Posted: January 8th, 2024, 3:00 pm
I really don't know what to think about this.
On the one hand it's arguably a good idea. On the other, it's too demanding.
The FCA has issued some requirements for all companies that trade crypto which means that I had to answer some questions and take a test in order to continue to use my exchange.
I identified myself as a "restricted investor", or someone who was not high net worth and wished to limit the amount of money I put into high risk investments.
The test however ideally required research that I really didn't want to do. I'm not going to use wrapped tokens, so why do I have to prove that I understand possible downsides. I have little intention of buying meme coins, so why do I need to show that I understand them?
Possibly high street banks should be required to quiz customers about loan sharks, off shore accounts and money laundering rules.
Anyway, I thought it worth drawing attention to these new crypto rules.
https://cryptopotato.com/these-crypto-e ... ine-nears/
On the one hand it's arguably a good idea. On the other, it's too demanding.
The FCA has issued some requirements for all companies that trade crypto which means that I had to answer some questions and take a test in order to continue to use my exchange.
I identified myself as a "restricted investor", or someone who was not high net worth and wished to limit the amount of money I put into high risk investments.
The test however ideally required research that I really didn't want to do. I'm not going to use wrapped tokens, so why do I have to prove that I understand possible downsides. I have little intention of buying meme coins, so why do I need to show that I understand them?
Possibly high street banks should be required to quiz customers about loan sharks, off shore accounts and money laundering rules.
Anyway, I thought it worth drawing attention to these new crypto rules.
https://cryptopotato.com/these-crypto-e ... ine-nears/