April 20, 2019 | AtoZ Markets - France pushes for EU cryptocurrencies adoption and the FCA blacklists 4XFX forex broker. No more binary options in the Netherlands, and the World Bank and IMF launch a Learning crypto coin.
These are the most prominent headlines the week witnessed.
Welcome to our weekly market brief.
We start with the revolution that is about to be triggered in the forex market, where a radical change is likely to happen in the overall system.
The news comes as an industry lobby group for the payments service sector, founded by fintech firms showed its will to make the revolutionary change, as the media described.
Fintech companies were said to have recently created a non-profit organisation that will act on behalf of the third parties on the issues of the Second Payment Service Directive (PSD2) that affect the forex market.
France calls for EU cryptocurrencies adoption
In an unprecedented move, the French capital has recently shouted out for her EU counterparts to issue their regulation directives for adopting the cryptocurrencies.
The announcement was made by the French Finance Minister Bruno Le Maire on Monday in Paris at an event on blockchain technology.
The French parliament had just approved a new financial bill, which also included regulating some parts of the industry of cryptocurrency.
With that being said, France is then the first major country to adopt such kind of regulations today, which reflects France’s will to attract those investors in the sector to set up their business in France, who always felt unconfident investing in cryptocurrencies, with the latter lacking any regulations that grant them not to end up scammed, while they will still have to pay taxes on the profits made out of trading cryptos.
AtoZ Markets’ mid-week break was with an educative article on how Flash Boys Trading Bots affect crypto exchanges.
Following the UK, the Netherlands ban Binary Options permanently!
the Dutch Financial Markets Authority (AFM) has announced on its website banning the promotion of certain risky financial investment products.
The work on this step started in 2016, as the Dutch regulator advised the Dutch ministry of Finance to ban Binary Options and restrict the advertising, distribution or sale of CFDs (contracts for difference) to retail investors. The new measures, which apply for an indefinite period of time, will enter into force on Friday, April 19, 2019.
The FCA adds 4XFX forex broker to its blacklist
The Financial Conduct Authority in the UK (FCA) issued a warning against the Forex broker 4XFX.
As per the British watchdog, the broker has been “providing financial services or products in the UK without our authorisation.”
The broker was said to have been banned by other regulators as well, before the FCA did today.
ASIC, the Australian financial regulator, said last January that 4XFX made “unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”
New coin helps understanding cryptocurrencies
The IMF and the World Bank announced recently launching their "learning coin", a World Bank learning crypto coin that should help understand the blockchain and cryptocurrency better.
The World Bank and the International Monetary fund launched a private blockchain and quasi-cryptocurrency to improve the understanding technology of the digital assets.
The IMF, on its turn, stated that what they have in common with the World Bank learning crypto coin application will serve as a knowledge hub for educational content, such as blogs, research, videos, and presentations. The application is a prototype that will strive to show both the positive and negative sides of the blockchain technology and cryptocurrency.
That was all we had in our basket for our weekly tour today. Our appointment renews the next weekend.
Until then, keep an eye on your AtoZ Markets to know the news as they happen.