Banking Risk & Regulation quotes William Garner on crypto and custody
JP Morgan Chase’s decision to ban its UK retail clients from using their accounts to purchase crypto assets has provoked scorn from supporters of the asset class.
But it has also 'raised eyebrows' among legal experts.
William Garner, Partner, comments for FT Specialist title Banking Risk & Regulation:
In the UK, some crypto businesses are regulated... virtually all have now to be registered with the FCA. If you're a UK business, pretty much anything you do in relation to crypto, other than probably market making, you have to be registered with the FCA. So how can a bank prevent its customers from spending their money as they wish? [...]
"There is a lot of noise about what's happening on the institutional front, but it’s not necessarily followed through behind the scenes... in terms of actual business that’s happening.
Read the full article in Banking Risk & Regulation here (subscription required).
