Cryptoassets Financial News

To keep the spirits of traders, HODLers, and investors up, leading crypto exchange CoinSwitch regularly lists utility-focussed tokens. Here’s a list of five crypto assets to keep you going too. The list has been created keeping the future potential, existing growth cycles, and the impact on real-world industries in mind.

The regulator has previously highlighted its concern at the rise of influencers, also known as ‘finfluencers', leveraging social media platforms to promote financial products.

The proposal could lead to reduced or increased fees, as a result, depending on the business.

The guidance sets out how authorised firms communicating or approving crypto financial promotions should apply Consumer Duty principles to their marketing.

The Treasury also declined to regulate decentralised finance (DeFi) in this phase of regulation, saying it would be 'premature and ineffective'.

'We expect businesses including social media platforms, app stores, search engines, domain name registrars and payments firms to consider the alerts we have issued and play their part in protecting UK consumers from illegal promotions.'

'From this October, crypto firms must market to UK consumers clearly, fairly and honestly.'

cryptoassets will get a 24-hour «cooling-off» period for the first time from October under tougher marketing rules unveiled by the financial regulator on Thursday. Cryptoassets, such as bitcoin, have little direct regulation globally, but regulators are taking a closer look after the downfall of FTX last year, which left millions of investors nursing losses totalling billions of dollars, some of them in Britain. The Financial Conduct Authority (FCA) said «refer a friend» bonuses for crypto buyers would also be scrapped and that those promoting such assets would have to put in place clear risk warnings and ensure adverts were clear, fair and not misleading. The new crypto rules, which are similar to those imposed by the FCA last year to tackle advertising for high-risk investment in mainstream finance, come as Britain plans to regulate cryptoassets under a new financial services law this year.

Robinhood Markets Incorporation, a US-based financial services firm, announced on April 19 that it had signed a deal to acquire Ziglu Limited - a UK-based electronic money institution and crypto-asset firm. The deal is subject to regulatory approvals and other customary closing conditions.

Bank of England Governor Andrew Bailey warned banks and other regulated financial firms on Monday that they should be «especially cautious» about holding volatile cryptoassets until regulators put new rules in place. Bailey, speaking at a news conference, said future rules for cryptoassets — the BoE's preferred term for financial instruments such as bitcoin — would balance risk management with the need to support innovation and competition.

The note also says that crypto will not be recognised as legal currency in India.