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Cryptocurrency exchange OKX has announced that it is working to comply with new regulations on crypto assets in the UK which will come into force in a few days, on January 8, 2024. After this date, new regulations Local regulations will be promulgated regarding the marketing and promotion of cryptocurrencies. services.
Although it was initially scheduled to take effect in October, the local regulator extended the deadline, giving businesses more time. OKX managed to do this at the last minute, but many companies still have not adapted their rules.
In a statement released on January 2, OKX said it was “developing a new user experience in line with the requirements set out in the Financial Promotions Scheme”. The new rules, adopted by the UK’s Financial Conduct Authority (FCA), aim to ensure crypto promotions are fair, clear and not misleading.
From January 8, all new and existing UK OKX users will be required to complete two questionnaires: a customer categorization and a suitability assessment. The aim is to confirm that users understand the risks of trading cryptocurrencies.
“In accordance with these new requirements, those who are unable to complete questionnaires or demonstrate an understanding of the risks will no longer be able to hold an OKX account,” the statement said.
OKX also reiterated its commitment to responsible trading, including educating customers on research, developing a trading plan and implementing risk management
Risk management
One of the most commonly used terms among brokers, risk management refers to the practice of identifying potential risks in advance. Most often, it also involves analyzing risks and taking precautionary measures to both mitigate and prevent those risks. Such efforts are essential for brokers and venues in the financial sector, given the potential fallout in the face of unforeseen events or contingencies. crises. Given a more tightly regulated environment across almost all asset classes,
One of the most commonly used terms among brokers, risk management refers to the practice of identifying potential risks in advance. Most often, it also involves analyzing risks and taking precautionary measures to both mitigate and prevent those risks. Such efforts are essential for brokers and venues in the financial sector, given the potential fallout in the face of unforeseen events or contingencies. crises. Given a more tightly regulated environment across almost all asset classes,
best practices.
12/💡”Navigating the cryptoasset financial promotion regime” with Michael Johnson, @zumopay
Watch the recording: https://t.co/cJpzYUeTEg
– Global Blockchain Business Council (GBBC) (@GBBCouncil) January 2, 2024
Binance and MoonPay must comply. And the others ?
The January 8 deadline applies to all crypto companies promoting their services in the UK. Major crypto companies like Binance and MoonPay have also announced efforts to comply. Crypto companies that fail to comply with the new rules could face enforcement action from the FCA.
In September, the FCA warned that some firms had neglected the most comprehensive aspect of the regulation. At the same time, the country implemented the “travel rule,” which concerns the collection, verification and sharing of crucial information related to crypto asset transfers.
The new regulations have posed challenges for global crypto companies who must now implement localized product and policy changes specifically for the UK market. Although most companies have expressed support for the goals of protecting consumers and ensuring transparent promotions, they have not yet confirmed compliance
Compliance
In finance, banking, investment and insurance, compliance refers to following the rules or orders established by the government regulatory authority, whether for the provision of a service or for processing a transaction. Compliance in financial matters would also involve following established guidelines or specifications. This designation may also encompass efforts to ensure that organizations comply with both industry regulations and government legislation. Understanding ComplianceCompliance is a
In finance, banking, investment and insurance, compliance refers to following the rules or orders established by the government regulatory authority, whether for the provision of a service or for processing a transaction. Compliance in financial matters would also involve following established guidelines or specifications. This designation may also encompass efforts to ensure that organizations comply with both industry regulations and government legislation. Understanding ComplianceCompliance is a
with the regulations that will come into force from next Monday
Cryptocurrency exchange OKX has announced that it is working to comply with new regulations on crypto assets in the UK which will come into force in a few days, on January 8, 2024. After this date, new regulations Local regulations will be promulgated regarding the marketing and promotion of cryptocurrencies. services.
Although it was initially scheduled to take effect in October, the local regulator extended the deadline, giving businesses more time. OKX managed to do this at the last minute, but many companies still have not adapted their rules.
In a statement released on January 2, OKX said it was “developing a new user experience in line with the requirements set out in the Financial Promotions Scheme”. The new rules, adopted by the UK’s Financial Conduct Authority (FCA), aim to ensure crypto promotions are fair, clear and not misleading.
From January 8, all new and existing UK OKX users will be required to complete two questionnaires: a customer categorization and a suitability assessment. The aim is to confirm that users understand the risks of trading cryptocurrencies.
“In accordance with these new requirements, those who are unable to complete questionnaires or demonstrate an understanding of the risks will no longer be able to hold an OKX account,” the statement said.
OKX also reiterated its commitment to responsible trading, including educating customers on research, developing a trading plan and implementing risk management
Risk management
One of the most commonly used terms among brokers, risk management refers to the practice of identifying potential risks in advance. Most often, it also involves analyzing risks and taking precautionary measures to mitigate and prevent those risks. Such efforts are essential for brokers and financial industry venues, given the potential fallout in the face of unforeseen events or contingencies. crises. Given a more tightly regulated environment across almost all asset classes,
One of the most commonly used terms among brokers, risk management refers to the practice of identifying potential risks in advance. Most often, it also involves analyzing risks and taking precautionary measures to mitigate and prevent those risks. Such efforts are essential for brokers and financial industry venues, given the potential fallout in the face of unforeseen events or contingencies. crises. Given a more tightly regulated environment across almost all asset classes,
best practices.
12/💡”Navigating the cryptoasset financial promotion regime” with Michael Johnson, @zumopay
Watch the recording: https://t.co/cJpzYUeTEg
– Global Blockchain Business Council (GBBC) (@GBBCouncil) January 2, 2024
Binance and MoonPay must comply. And the others ?
The January 8 deadline applies to all crypto companies promoting their services in the UK. Major crypto companies like Binance and MoonPay have also announced efforts to comply. Crypto companies that fail to comply with the new rules could face enforcement action from the FCA.
In September, the FCA warned that some firms had neglected the most comprehensive aspect of the regulation. At the same time, the country implemented the “travel rule,” which concerns the collection, verification and sharing of crucial information related to crypto asset transfers.
The new regulations have posed challenges for global crypto companies who must now implement localized product and policy changes specifically for the UK market. Although most companies have expressed support for the goals of protecting consumers and ensuring transparent promotions, they have not yet confirmed compliance
Compliance
In finance, banking, investment and insurance, compliance refers to following the rules or orders established by the government regulatory authority, whether for the provision of a service or processing a transaction. Compliance in financial matters would also involve following established guidelines or specifications. This designation may also encompass efforts to ensure that organizations comply with both industry regulations and government legislation. Understanding ComplianceCompliance is a
In finance, banking, investment and insurance, compliance refers to following the rules or orders established by the government regulatory authority, whether for the provision of a service or processing a transaction. Compliance in financial matters would also involve following established guidelines or specifications. This designation may also encompass efforts to ensure that organizations comply with both industry regulations and government legislation. Understanding ComplianceCompliance is a
with the regulations that will come into force from next Monday
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