Reuters: Global Exchange urges UK not to ban cryptocurrency derivatives

Global exchanges on Monday urged UK market regulators not to ban derivatives transactions related to crypto assets such as Bitcoin, saying they are ready to protect consumers on their platforms. In some cases, cryptographic assets have attracted considerable consumer interest, giving market participants the prospect of profitable new business activities. According to previous reports, the Financial Market Conduct Authority (FCA) has previously stated that derivatives and exchange-traded notes involve certain cryptographic assets and are not suitable for retail consumers who cannot truly assess value and risk. FCA recommended in a public consultation document that it is prohibited to sell such products to retail customers. It will announce changes in the final rules by early 2020. The World Federation of Exchanges (WFE) says it is necessary to find the right balance between allowing innovative products to be traded in the UK and ensuring that consumers are protected.