British FCA proposing full ban on crypto CFD

rodel caling

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This sad news, but do not lose hope so far is only a proposal have possible to chnage the decision of the government of the british officials.

Quote from: carter34 on August 23, 2019, 12:45:14 PM

They say government is a social contract but the leverage given to leadership as a government is sometimes affecting the progress of the inhabitants all in the bid to protect them. I think ban news of crypto trading is a limitation of some kind.

You right mate they to protect the interest of the country, so I think this proposal is on the process of the study of the legality of crypto.

carter34

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They say government is a social contract but the leverage given to leadership as a government is sometimes affecting the progress of the inhabitants all in the bid to protect them. I think ban news of crypto trading is a limitation of some kind.

malevolent

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Quote from: jackg on August 06, 2019, 04:07:40 PM

I don't like a lot of the CFD companies based here nor the banks so I don't see an issue with them making it illegal. I also thought a load of people hated bitmex here anyway?

If you're not interested in CFDs then stay away from them and companies that offer them. With this reasoning we might as well make Bitcoin illegal and subject its users to fines because you'll always find someone who's not a fan of Bitcoin (various reasons) who 'wouldn't see an issue in making it illegal'.

audaciousbeing

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Quote from: samdan777712 on July 03, 2019, 02:36:03 AM

You people have got to stop defending regulators. Seriously the british must fight this and contest this. They cannot be allowed to do this because it will give other countries ideas. This is full on full blown class warfare, double standard for the poor. I refuse to believe otherwise. They continuously make laws against retail to bar them from financial services, you see this precedent in America and the EU. If you don't start standing up they are going to make you poor and keep you poor.

https://cointelegraph.com/news/british-regulator-fca-prepares-a-potential-ban-of-crypto-cfds-for-retail-investors

The situation surrounding bitcoin and the amount of under the radar transactions we have seen is really what is pushing government to push for total ban because it seems they could not find a way around it but the real issue is how do they enforce such decision because the inability to control it is what is leading to this decision what infrastructure would be put in place to ensure that.

On the influence they might have on other countries, that is also true but countries are now becoming independent on their own and with the advent of technological superiority contests, I don't think a ban in a particular country would translate to same in another.

jackg

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https://bit.ly/387FXHi lightning theory

Bitcoin realistically can't be made illegal in the UK...

I faced a tiny issue with a bank and using cryptocurrency, to which I just switched banks.

Wherever bitcoin becomes illegal it seems to start to become worth more than it did before so all they'd be doing is stoking the fire. And like in a video jet cash posted recently, there's bitcoin with a market cap of £100bn and a currency with a market cap of £45trillion, who are people going to use for money laundering if they need to shift high amounts?

I don't like a lot of the CFD companies based here nor the banks so I don't see an issue with them making it illegal. I also thought a load of people hated bitmex here anyway?

Harlot

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Quote from: 1Referee on August 05, 2019, 04:23:11 PM

Quote from: Tylev on July 24, 2019, 11:02:46 PM

Whatever we do, the governments will eventually tighten the rules of decentralized cryptocurrency. The fight against money laundering and the fight against terrorism is an excellent reason for this.

Excellent excuse you mean. Roll Eyes

Governments have always pointed at money laundering, tax evasion, financing of terrorism, etc in order to justify their regulations, but that's just bs. Their main incentive is to exercise control over people like you and me who aren't any of the aforementioned types. Tax evasion and whatnot is just a side benefit that these measures bring for governments.

Also, they can't tighten the rules of decentralized protocols. They can only tighten the rules of centralized businesses. It's an important difference.

It maybe just their excuse on creating this laws and regulations for the industry but I really don't see in any situation on how the crypto industry will be thriving without any kind of intervention from the government. If they just let us thrive the we are just unjustly enriching ourselves without paying taxes as compared to other investors in other markets do. The inequality itself will just create more hatred towarda the industry then any kind of appreciation.

1Referee

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Quote from: Tylev on July 24, 2019, 11:02:46 PM

Whatever we do, the governments will eventually tighten the rules of decentralized cryptocurrency. The fight against money laundering and the fight against terrorism is an excellent reason for this.

Excellent excuse you mean. Roll Eyes

Governments have always pointed at money laundering, tax evasion, financing of terrorism, etc in order to justify their regulations, but that's just bs. Their main incentive is to exercise control over people like you and me who aren't any of the aforementioned types. Tax evasion and whatnot is just a side benefit that these measures bring for governments.

Also, they can't tighten the rules of decentralized protocols. They can only tighten the rules of centralized businesses. It's an important difference.

ene1980

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Quote from: Tylev on July 24, 2019, 11:02:46 PM

Whatever we do, the governments will eventually tighten the rules of decentralized cryptocurrency. The fight against money laundering and the fight against terrorism is an excellent reason for this.

The government will regulate the market and you can expect that in the coming years, no sane government will ban something that cannot be banned but they will regulate it and money laundering and fighting terrorism is the normal excuse they come up with if they want to achieve something and that is the route most of the governments are taking.

@OP i am not sure from where you got this information about FCA proposing a full ban on crypto Roll Eyes

.

Tylev

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Quote from: jseverson on July 22, 2019, 10:41:09 PM

Quote from: Schirer on July 22, 2019, 06:26:38 AM

They want to ban those instruments because they can be too risky! What the hell, this is for the customer to decide!

Governments have been doing this forever. Banning certain drugs fall under the same umbrella.

It sucks that they're most likely going to get away with this, but retail investors are much better off getting into Bitcoin directly anyway. It's a loss in a sense that people are being denied certain liberties for basically no reason, but the ban itself isn't too much of a loss IMO.

Whatever we do, the governments will eventually tighten the rules of decentralized cryptocurrency. The fight against money laundering and the fight against terrorism is an excellent reason for this. It's a good thing that FATF has set a minimum of a thousand dollars, with which it will be necessary to pass a KYC check during transactions. However, at the local level, the rules may be even tougher. The fight against this is unlikely to bring us positive results.

jseverson

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Quote from: Schirer on July 22, 2019, 06:26:38 AM

They want to ban those instruments because they can be too risky! What the hell, this is for the customer to decide!

Governments have been doing this forever. Banning certain drugs fall under the same umbrella.

It sucks that they're most likely going to get away with this, but retail investors are much better off getting into Bitcoin directly anyway. It's a loss in a sense that people are being denied certain liberties for basically no reason, but the ban itself isn't too much of a loss IMO.

Schirer

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I think you are overreacting regarding the class warfare.
In general this is weird, because UK is a home of many fin-tech startups , it is home to one of the iggest fiat crypto exchnages- BITSTAMP.

But the statement from their regulatory is just plain stupid.

Quote

In another public policy statement on restricting CFDs, the FCA considered CFDs “complex, leveraged derivatives” that are commonly offered to retail clients and represent excessive risk. The agency expects retail investors to save from 267 million British pounds ($338 million) to as much as 451 million pounds ($570 million) on an annual basis, following their restricting measures, the FCA wrote.

They want to ban those instruments because they can be too risky! What the hell, this is for the customer to decide!

timerland

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Quote from: samdan777712 on July 03, 2019, 02:36:03 AM

You people have got to stop defending regulators. Seriously the british must fight this and contest this. They cannot be allowed to do this because it will give other countries ideas. This is full on full blown class warfare, double standard for the poor. I refuse to believe otherwise. They continuously make laws against retail to bar them from financial services, you see this precedent in America and the EU. If you don't start standing up they are going to make you poor and keep you poor.

https://cointelegraph.com/news/british-regulator-fca-prepares-a-potential-ban-of-crypto-cfds-for-retail-investors

I think that this has less to do with an agenda against crypto (even though this is the prevailing sentiment for most regulators globally anyways), but rather simply their distrust towards these heavily leveraged derivatives.

Quote

“[W]e will be consulting on potentially banning the sale to retail customers of derivatives linked to certain cryptoassets this year.”

What I doubt is that even if the FCA does pass this and enforce it, would it have much of an impact on everyday bitcoin users and investors. Even advanced traders in the UK shouldn't be that affected, since this is only banning one type of derivative. Futures, options, etc. should remain unaffected.

But I certainly do think that going down the path of regulating the risks of these derivatives would be much more fruitful than a lazy blanket ban, don't forget that bitcoin's international nature makes derivatives trading completely delocalized as a result.

Harlot

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This is a bad news for U.K. investors in general because from what I know they are the ones who have an open mind toward cryptocurrencies in their country, they even have a number of crypto atms found in their cities. Retail investors only means us the normal people which is really a direct hit for their citizens who are already in the crypto industry as well as the potential ones. If someone doesn't battle this out in court then we can expect that this ban to be fully enforced in no time.

bitcoindusts

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Quote from: dothebeats on July 05, 2019, 06:06:47 PM

Quote from: figmentofmyass on July 03, 2019, 02:59:08 AM

at least for now, we can squeak by with VPN. whether the service providers keep letting that fly, who knows?

I have reasons to believe that service providers are allowing VPN.access to their services, and will continue to do so because 1.) they are not getting caught and; 2.) that is still profit no matter how you put it. Regulators might be pressing down hard on exchanges and services, but then again services need to make profit, and they'd do silly things, even going so far to bend the rules and act as if nothing is happening just to get that profit.

Yea but for the meantime this is not yet happening. For the meantime exchanges are still asking for kyc and sometimes not all but few are still tight when it comes to requiring documents to prove identity which frustrate some small traders like us but its the truth, exchanges need profit ,I do hope they will really overlook some imperfections in the part of the traders as you said by bending rules.

dothebeats

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Quote from: figmentofmyass on July 03, 2019, 02:59:08 AM

at least for now, we can squeak by with VPN. whether the service providers keep letting that fly, who knows?

I have reasons to believe that service providers are allowing VPN.access to their services, and will continue to do so because 1.) they are not getting caught and; 2.) that is still profit no matter how you put it. Regulators might be pressing down hard on exchanges and services, but then again services need to make profit, and they'd do silly things, even going so far to bend the rules and act as if nothing is happening just to get that profit.

Ruishang

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Quote from: samdan777712 on July 03, 2019, 05:22:04 AM

its just blatent classism. Boomers don't want millenials getting filthy rich off bitmex. Gotta squash it early on. Tone Vays did the right thing renouncing his citizenship honestly. The VPN days are numbered. I don't know if bitmex will be anonymous 9 months from now, even six, it's not looking good with FATF. The future is DEX, sharding, RenVM. but it's taking too long. If Britain is allowed to do this it will encourage other dirt bag nanny states in the EU to do it. Everyone is overly fixated on 100x leverage memes, when in reality it's about the freedom of people to use some leverage while having their financial dignity in crypto. There is no other market with such a low barrier of entry for the global poor like crypto. The fact that people can't see the simple connection between the immutability and borderlesness of btc, the opportunities in alts, and decent leverage is surreal. With regulations just come more poverty, these regulators will make us all poor, they only want to take take take, sanction, ban, etc, you have to remember, you absolutely have to remember

They would confiscate and seize bitcoin if they could

Good news is Renvm will be in testnet in the coming weeks, I hope it turns out to be the bastion of decentralization you envision

samdan777712

member

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Merit: 11

its just blatent classism. Boomers don't want millenials getting filthy rich off bitmex. Gotta squash it early on. Tone Vays did the right thing renouncing his citizenship honestly. The VPN days are numbered. I don't know if bitmex will be anonymous 9 months from now, even six, it's not looking good with FATF. The future is DEX, sharding, RenVM. but it's taking too long. If Britain is allowed to do this it will encourage other dirt bag nanny states in the EU to do it. Everyone is overly fixated on 100x leverage memes, when in reality it's about the freedom of people to use some leverage while having their financial dignity in crypto. There is no other market with such a low barrier of entry for the global poor like crypto. The fact that people can't see the simple connection between the immutability and borderlesness of btc, the opportunities in alts, and decent leverage is surreal. With regulations just come more poverty, these regulators will make us all poor, they only want to take take take, sanction, ban, etc, you have to remember, you absolutely have to remember

They would confiscate and seize bitcoin if they could

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

There's nowhere to trade in Britain. No one cares enough about British users to bother banning them from foreign platforms and it's likely the FCA won't bother stopping you anyway.

It's only Americans who are evil enough to be bothersome elsewhere.

figmentofmyass

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Quote from: samdan777712 on July 03, 2019, 02:36:03 AM

You people have got to stop defending regulators. Seriously the british must fight this and contest this. They cannot be allowed to do this because it will give other countries ideas.

too bad hardly anyone will notice. they're targeting a small niche of traders, most of whom are probably trying to stay off the radar. i assume this will affect people using deribit and bitmex. what about simplefx and other crypto-backed swaps/securities providers?

at least for now, we can squeak by with VPN. whether the service providers keep letting that fly, who knows?

samdan777712

member

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You people have got to stop defending regulators. Seriously the british must fight this and contest this. They cannot be allowed to do this because it will give other countries ideas. This is full on full blown class warfare, double standard for the poor. I refuse to believe otherwise. They continuously make laws against retail to bar them from financial services, you see this precedent in America and the EU. If you don't start standing up they are going to make you poor and keep you poor.

https://cointelegraph.com/news/british-regulator-fca-prepares-a-potential-ban-of-crypto-cfds-for-retail-investors

Topic: British FCA proposing full ban on crypto CFD (Read 357 times)