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Hey crypto enthusiasts! Today, the UK’s Financial Conduct Authority (FCA) gave the thumbs up to Eunice, a regulatory tech company, to experiment with standardized crypto disclosure templates alongside major exchanges. This trial is all about gathering real-world insights to help shape the UK’s new crypto guidelines. Meanwhile, Robinhood has revealed that prediction markets are soaring as its top product line, and Polymarket just got the green light to run a trading platform in the US.
FCA Trials Crypto Transparency Templates as UK Shapes New Rulebook
The FCA in the UK has welcomed Eunice to experiment in its regulatory sandbox, marking a significant step in crafting a new rulebook for crypto.
On Wednesday, the FCA shared that Eunice will be testing a set of standardized disclosure templates with big names like Coinbase, Crypto.com, and Kraken. The aim? To see if these templates really boost transparency in real-world situations.
Plus, the FCA is still on the lookout for other companies to join its sandbox. “We invite any firm eager to test a similar solution to contribute to our regulatory strategy for cryptoassets,” said Colin Payne, FCA’s head of innovation.
By focusing on real-world experiments instead of just theoretical policies, the FCA shows that it’s keen on shaping future crypto regulations through hands-on experience and practical feedback.
Cointelegraph reached out to Eunice for their thoughts, and while we didn’t hear back by the time of publication, co-founder and CEO Yi Luo expressed that the sandbox is a fantastic place for regulators and industry players to collaborate on building a stronger foundation for the UK’s crypto markets.
Prediction Markets Are Robinhood’s Fastest-Growing Money Maker
Trading platform Robinhood is buzzing about prediction markets, calling them one of its fastest-growing revenue streams. The company has big plans to broaden its reach with a new futures and derivatives exchange.
Since kicking off their prediction markets in March with Kalshi, Robinhood has seen nine billion contracts traded by over a million users! They shared this exciting news in a statement on Tuesday.
JB Mackenzie, head of futures and international at Robinhood, said they’re “noticing fantastic interest from customers in prediction markets, and we’re thrilled to keep the momentum going!”
Robinhood is also gearing up to invest more in these prediction markets, which means an even richer experience for their users!
“By enhancing our infrastructure, we’re set to deliver an even better experience and offer more innovative products for our customers,” Mackenzie added.
Polymarket Wins Regulatory Approval to Operate US Trading Platform
Prediction platform Polymarket has officially received the go-ahead from the US Commodity Futures Trading Commission to run an intermediated trading platform.
In a notice shared on Tuesday, Polymarket announced that the CFTC has issued an Amended Order of Designation. This means they can now operate under the full set of rules that govern federally regulated US exchanges. Polymarket expects this approval to allow them to onboard brokerages and customers directly, enhancing trading opportunities in US venues.
“This approval lets us operate in a manner that meets the transparency and maturity required by the US regulatory landscape,” said Shayne Coplan, founder and CEO of Polymarket.
This regulatory thumbs up comes after a thorough investigation by the CFTC and the US Department of Justice, which recently wrapped up their probe into whether Polymarket accepted trades from US users. Notably, the FBI had also reportedly raided Coplan’s home during this investigation.
Polymarket will now operate under the CFTC’s oversight in the US, and a new market structure bill in Congress could potentially broaden the CFTC’s authority over digital assets.
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