The European Financial Regulator ESMA Budgets €1.1 Million Euros to Research Crypto-assets
The European Securities and Markets Authority (ESMA) has reportedly allocated €1.1 million to research and monitor crypto assets. The funds are part of the supervisory activities covering the watchdog’s 2019 annual work programme.
The paper sets out the key objectives regarding financial innovation and product risk analyses. The regulator plans for co-ordinated action to address the regulation and supervision of financial activities whilst providing advice to the EU institutions market participants or consumers. The paper also states the implementation of framework provided by the Markets in Financial Instruments Regulation (MiFiR) to enable product intervention powers.
ESMA currently overwatches trends in financial activities and retail investments. They help co-ordinate initiatives when monitoring the market. They will determine which exchanges are operating best practices, address concerns and compile appropriate action. An exchange selling Bitcoin may soon need to operate in accordance to MiFiR.
ESMA benefits from monitoring the market as it allows them to proactively address issues and concerns to determine whether they need to deploy their product intervention powers. These powers will allow the regulator to intervene in FinTech companies illicitly selling Bitcoin.
Under MiFiD II, ESMA will assess third-country venues and waivers issuing their advice on position limits and suspension depending on circumstances. The body will be able to exercise its authority on a business selling crypto but failing to provide transparency on trades.
MiFiD II was introduced on January 3 2018 to provide greater protection, efficiency and transparency for investors by providing legislative framework. Any organisation operating as an investment firm or trading venue for financial products is subject to MiFiD II. As the crypto space becomes more regulated, we are likely to see the need for organisations and businesses to adhere to certain regulations for buying and selling crypto as with other conventional markets.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards