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英国禁止向散户投资者提供加密资产衍生品

2020-10-7 14:25

 

英国金融市场行为监管局(FCA)已禁止从2021年1月起向英国散户投资者出售加密资产衍生品。这适用于期货、期权、价差合约(CFDs)和交易所交易票据(ETNs)。


不到一周前,美国对加密货币衍生品交易所BitMEX提起诉讼。与以保护投资者为主要动机的英国不同,美国有不同的议程。诉讼称,该公司藐视《银行保密法》(Bank Secrecy Act),未能执行反洗钱规定。


尽管加密货币可以追踪,但通过不受监管的衍生品交易所洗钱的资金将更难追踪。

FCA公告


注意:有时我们发布公告前会加上简短的评论。


FCA公布了最终规则,禁止向零售消费者出售涉及特定类型加密资产的衍生品和交易所交易票据(ETNs)。


FCA认为这些产品不适合零售消费者,因为它们会造成伤害。零售消费者无法对这些产品进行可靠的评估,因为:


标的资产的内在属性,即它们没有可靠的估值基础

二级市场上滥用市场和金融犯罪的盛行(如网络盗窃)

加密资产价格波动极端剧烈

零售消费者对加密资产理解不足

零售消费者对这些产品缺乏合法的投资需求


这些特点意味着,如果零售消费者投资这些产品,他们可能会遭受突然和意外的损失。


不受监管的可转让加密资产是指不属于“特定投资”或电子货币的代币,可以交易,其中包括众所周知的代币,如比特币、以太币或涟漪币。指明投资是指在法例中指明的投资类型。从事与这些投资相关的特定类型受监管活动的公司,必须得到FCA的批准。


为了解决这些危害,FCA制定了规则,禁止向所有零售消费者销售、营销和分销任何衍生品(即差价合约——价差合约、期权和期货)和ETNs,这些衍生品涉及在英国或来自英国的公司不受监管的可转让加密资产。


FCA估计,零售消费者将从这些产品的禁令中节省大约5300万英镑。


FCA战略与竞争临时执行董事谢尔登·米尔斯说:“这项禁令反映了我们对这些产品对零售消费者的潜在危害的重视。”消费者保护在这里是最重要的。


“巨大的价格波动,加上对加密资产进行可靠估值的固有困难,使得零售消费者在交易加密衍生品时面临着巨大的损失风险。”我们有证据表明,这种情况正在大规模地发生。这项禁令提供了适当程度的保护。


该禁令将于2021年1月6日生效。英国消费者应继续警惕加密衍生品投资骗局。由于现在禁止向零售消费者销售涉及特定类型加密资产的衍生品和etn,任何向零售消费者提供这些服务的公司都可能是骗局。

 

The U.K.’s Financial Conduct Authority (FCA) has banned the sale of crypto-asset derivatives to UK retail investors from January 2021. This applies to futures, options, contracts for difference (CFDs) and exchange traded notes (ETNs).

The news comes less than a week after the U.S. brought charges against cryptocurrency derivatives exchange
BitMEX. Unlike the U.K. where the primary motivation is investor protection, the U.S. has a different agenda. The lawsuit alleges the firm flouted the Bank Secrecy Act and failed to enforce anti-money laundering rules.

While cryptocurrencies can be traceable, it would be harder to track money laundered through an unregulated derivatives exchange.

FCA announcement

Note: Sometimes we publish announcements prefixed with a brief commentary.

The FCA has published final rules banning the sale of derivatives and exchange traded notes (ETNs) that reference certain types of cryptoassets to retail consumers.

The FCA considers these products to be ill-suited for retail consumers due to the harm they pose. These products cannot be reliably valued by retail consumers because of the: 

  • inherent nature of the underlying assets, which means they have no reliable basis for valuation
  • prevalence of market abuse and financial crime in the secondary market (eg cyber theft)
  • extreme volatility in cryptoasset price movements
  • inadequate understanding of cryptoassets by retail consumers
  • lack of legitimate investment need for retail consumers to invest in these products  

These features mean retail consumers might suffer harm from sudden and unexpected losses if they invest in these products. 

Unregulated transferable cryptoassets are tokens that are not ‘specified investments’ or e-money, and can be traded, which includes well-known tokens such as Bitcoin, Ether or Ripple. Specified investments are types of investment which are specified in legislation. Firms that carry out particular types of regulated activity in relation to those investments must be authorised by the FCA. 

To address these harms, the FCA has made rules banning the sale, marketing and distribution to all retail consumers of any derivatives (ie contract for difference – CFDs, options and futures) and ETNs that reference unregulated transferable cryptoassets by firms acting in, or from, the UK.

The FCA estimates that retail consumers will save around £53m from the ban on these products.

Sheldon Mills, interim Executive Director of Strategy & Competition at the FCA, said: ‘This ban reflects how seriously we view the potential harm to retail consumers in these products. Consumer protection is paramount here.

‘Significant price volatility, combined with the inherent difficulties of valuing cryptoassets reliably, places retail consumers at a high risk of suffering losses from trading crypto-derivatives. We have evidence of this happening on a significant scale. The ban provides an appropriate level of protection.’

The ban will come into effect on 6 January 2021. UK consumers should continue to be alert for crypto-derivative investment scams. As the sale of derivatives and ETNs that reference certain types of cryptoassets to retail consumers is now banned, any firm offering these services to retail consumers is likely to be a scam.

 

来自: Ledger Insights