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🇬🇧The UK moves closer to mainstream crypto access, but banking friction…
🇬🇧The UK moves closer to mainstream crypto access, but banking friction remains a major barrier 🔵The FCA has proposed allowing certain authorized retail funds, including UCITS and some non-UCITS retail schemes, to hold crypto exchange-traded notes up to a 10% limit of scheme property, as per the consultation paper released on June 5. ↳ According to the FCA, the proposed 10% limit is intended to reduce the risk of “significant impacts arising from crypto ETN exposure,” while still allowing traditional investment structures to participate in the digital asset market. 🔵At the same time, on June 10, Stand With Crypto UK launched a campaign against British banks restricting transfers to crypto exchanges, citing data that 40% of crypto-related transactions are currently blocked or limited by UK banks. ↳ The campaign argues that broad banking restrictions often affect transfers to FCA-registered exchanges and may fail to reflect the actual risk profile of individual customers or regulated crypto platforms. 💭 Inteliumlaw opinion: The gap between regulatory openness and banking execution remains a material obstacle for market growth in the UK. Funds considering crypto ETN exposure should prepare internal allocation limits and investor-facing risk disclosures, while FCA-registered exchanges should strengthen their banking files with clear AML controls, transaction-risk data, and documented evidence of unjustified payment restrictions. 🗂️ Ready-Made Solutions | 👩💻Tailored Legal Solution
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