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Cryptocurrency CEO Thoughts On FCA Guidelines On Crypto Assets

Date 31/07/2019

Following the The U.K. Financial Conduct Authority (FCA) finalising their guidelines on crypto assets, temtum Founder and CEO, Richard Dennis gives his thoughts on what this means for the industry.

“The UK Government has provided much needed clarity for the industry, I think we will now see more crypto based businesses setup in the UK as there is an official position, many did not setup in the UK before due to an unpredictable landscape.” 

“It is good they have clearly outlined what is and what is not a security - something the SEC in the USA is lacking. It is good they are listening to the community and asked for advice before creating these regulations. The ban on the derivate market I think is stupid, as its no more risker than any other non crypto market - regulation needs to be added here rather than an outright ban.”

“There are some challenges to the proposed regulation such as AML for existing crypto such as Bitcoin, but this will be done by the exchanges and will further increase the positive image of crypto, bringing cryptocurrency into the mainstream, which is a positive. There is still no regulation around e money which will need to be built upon - but this is a good start. This will protect members of the public from ICO scams and provide greater legal protection.”

temtum is a new, lightweight, peer-to-peer cryptocurrency where anyone can support the Temporal Blockchain network, creating a new world of financial freedom away from centralised institutions. Developed from the ground up with other leading cryptocurrencies pitfalls in mind, temtum solves many of the inherent problems that have stalled the adoption of crypto and blockchain solutions to create a coin that has the ability to enable financial freedom away from centralised institutions.

Richard Dennis will be giving a keynote address at the Mondo Visione Exchange Forum, which takes place on October 1, at Haberdashers’ Hall in the City of London.