Category Archives: CFD

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Facebook Eases Off on Crypto Ad Ban

Facebook Eases Off on Crypto Ad Ban

With the rumors of Facebook Coin now shaping up to be reality, the social media giant has apparently softened its stance towards its ban on cryptocurrency related advertisements on its platform.

Yesterday, the company released a new blog post that claims it has been aware of the feedback and had been making considerations ever since it clamped down on crypto advertising.

While it insists that this has led to an assessment of the effectiveness and appropriateness of the policy, it does seem timely that the post is a prelude to its own launch of a new Facebook stablecoin. The post read:

“While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”

Last year in June, Facebook began cracking down on ads related to crypto, targeting initial coin offerings in particular. Under its so-called Prohibited Financial Products and Services policy, it outlawed ads promoting contracts for difference (CFDs), under which ICOs fall under.

This doesn’t mean that the chains are off, however. Facebook reminds that its newly adjusted policy will still seek to prevent misleading advertising:

“Because of this, people who want to promote cryptocurrency and closely related products like cryptocurrency exchanges and mining software and hardware, will still have to go through a review process.”

 

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UK OTC Firm Gets Derivatives Go Ahead from Regulator

UK OTC Firm Gets Derivatives Go Ahead from Regulator, CFDs

The UK watchdog, Financial Conduct Authority (FCA) has granted permission for London based firm B2C2 OTC Ltd to deal in cryptocurrency CFDs.

“Contracts for Difference” (CFDs) are designed for traders to predict crypto price fluctuations allowing them to profit from rising or fallings markets. The FCA’s acceptance of the B2C2 OTC Ltd application is seen as unexpected given the stance of the UK regulator last year when it said that it was unlikely to give any credence to CFDs. At the time it stated:

“Firms conducting regulated activities in cryptocurrency derivatives must, therefore, comply with all applicable rules in the FCA’s Handbook and any relevant provisions in directly applicable European Union regulations.”

B2C2 OTC’s CFD product now offers exposure to Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) and Ripple (XRP), which the company’s founder Max Boonen suggests gives traders opportunities to become involved in the markets without the “risks associated with crypto custody.”

While the FCA has reportedly been considering a more direct role in managing cryptocurrencies and tokens, a new consultation paper released last week has been seen as an attempt to make things clearer for investors and the cryptocurrency community for future regulatory purposes. A statement from the FCA indicated a need to clarify current guidelines and changes in how cryptocurrencies are regulated, suggesting that the paper “will alert market participants to pertinent issues and should help them better understand whether they need to be authorized and what rules or regulations apply to their business.”

 

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Regulations Push Number of Crypto Ads in France Down 11%

Following France’s decision to ban cryptocurrency advertising and restrict contract for difference (CFD) ads, these two areas have seen their share of the financial advertisement market plummet. CFD refers to a popular form of derivative trading.

France’s financial markets regulator, the Autorité des Marchés Financiers (AMF) shared the financial advertisement stats from January-September on Friday, revealing that crypto-related ads dropped to just a 12% share in the market compared to a 23% share in Q1 of this year. These ads include that of ICOs, blockchain services, and other related products.

Earlier this year French financial regulators declared that financial products relating to cryptocurrency must legally be defined as derivatives. As well as meaning that they now require regulation, and crypto exchanges require formal authorization to list the ‘derivatives’ and have been barred from advertising them online.

Last year, CFDs and other speculative investment ads, including those relating to cryptocurrency, boasted 50% of the total financial advertisement market, whereas so far this year they have dropped to one quarter.

AMF said that in the wake of the recent cryptocurrency craze, the number of binary options and CFDs offered from forex brokers relating to digital currencies exploded, offering investors contracts that allow them to bet on the rise and fall of crypto prices without investors actually holding the cryptocurrency themselves.

Despite losses in the ad market, French authorities have been aiding the growth of the blockchain industry by cutting the high-band tax rate on profits from 45% to just 19% in April this year. There is an additional contribution added to the social welfare system that pushes the new rate up to nearly ‎‎35%, although this is still a 25% reduction from the original total.

Bitcoin in France is currently classified as ”moveable property,” making it subject to capital gains tax which stands at a flat rate of 19%.

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