Ripple Labs has applied for a crypto license in the UK a step in the company’s pursuit of regulatory clarity for XRP its cryptocurrency The British Financial Conduct Authority now has the chance to weigh in on Ripple and the future of its digital asset
A UK lawmaker has argued that cryptocurrencies should not be regulated as gambling but instead should be watched carefully by authorities to better understand their potential He believes that regulation in this area would be too restrictive and the potential of blockchain technology should not be overlooked
The UK government rejects proposals to amend the Gambling Act of 2005 to include cryptocurrencies as gambling ruling that Bitcoin and other digital assets are not used for gambling Crypto enthusiasts hailed the decision as a victory for the cryptocurrency industry
The UK’s financial watchdog has announced the launch of its permanent Digital Sandbox in August. The Sandbox aims to help financial technology businesses test innovative products, services, business models and delivery mechanisms in a safe environment.
The UK’s Financial Conduct Authority has warned crypto promoters that their unpaid social media posts may be in breach of advertising rules, even if they have ran without payment. Posting endorsements for unregulated tokens may be a criminal offence if they do not prominently disclose the lack of authorisation.