The FCA has issued a statement reminding consumers of the risks of investing in cryptoassets and non-fungible tokens. The FCA stresses that it has not been given regulatory oversight over the direct investments in cryptoassets and NFTs, there are no consumer protections for those who invest in them, and they are not protected by the Financial Services Compensation Scheme (FSCS). As a result, those who buy cryptoassets should be prepared to lose all the money they invest.
The Personal Investment Management & Financial Advice Association (PIMFA) has launched WealthTech, a digital marketplace and industry network to drive innovation and enhance collaboration between WealthTechs and wealth management and advice companies. WealthTech will act as a primary source for market intelligence and insights on the latest technologies and trends impacting the industry, providing fast-track market research, expert forums and Tech Sprints.
The Alternative Investment Management Association (AIMA), together with digital asset custodians and industry experts, has published a new industry guide on digital asset custody for institutional investors, setting out good practices and key considerations around due diligence. The guide has been primarily designed for those who are seeking the services of a digital asset custodian or, to the extent legally permissible, a custodial infrastructure provider.
The Council of the EU on 12 April 2022 unanimously adopted the regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT). The regulation will enter into force 20 days after publication in the Official Journal of the EU, and it will apply from nine months after the date of entry into force.
The European Securities and Markets Authority (ESMA) has published a speech delivered by its chair, Verena Ross, at the launch of the EU Digital Finance Platform. Ross discussed the support for innovation facilitators, the work of the European Forum of Innovation Facilitators (EFIF), and the future plans for the Platform — a collaborative space bringing together industry and public authorities to support innovation in the EU’s financial system and help work towards a Single Market in digital…