Latest Guidelines of Crypto Exchange Development
Keeping up with its friendly stance towards the operation of cryptocurrencies, the United Kingdom Crypto Assets Taskforce comprising of experts from the Financial Conduct Authority (FCA) published a detailed report in October 2018.
Understanding the fear of regulation and its impact on the financial service industry, the report provides constructive recommendations and spreads the awareness of different risks.
It did not seek a ban nor any restriction on the operation of cryptocurrencies.
Some of the key recommendations in the report are
Objections raised by Cryptocurrency solution providers
Striking the right balance between freedom and protection
While constructive regulations are welcome as it helps in improving the functioning of the industry, beneficial innovation must also be encouraged simultaneously. Serious steps are needed to combat financial crime and protect the integrity of investors in a time-bound manner. However, it must not conflict with the daily operations of cryptocurrency exchanges.
An international framework laid down by a notable world organization would enable more exchanges to be receptive towards regulations.
As the popularity of virtual currencies grows, the risks would consequently expand. Hence, crypto assets would have to keep a close watch on how their assets are being traded and the sources where funds are being raised.
Authorities would have to clearly define the framework of their regulations and their applicability to various parties. Through consistent legislation, it can define the scope of its guidance and expand it according to the financial landscape.
Companies that are ambitious on Crypto Exchange development but concerned about the impact of regulatory measures can reach out to the Blockchain App Factory. Their team of legal experts possess deep market knowledge and can allay all your issues smoothly.
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