Bitcoin Futures Index Emitter for CME Granted First Crypto Benchmarks Regulation License in Europe

Libra Coin News
Fri, 09/13/2019 - 11:46
Yuri Molchan
CF Benchmarks now is the first crypto index provider platform granted recognition as a Benchmark Administrator as part of Benchmarks Regulation in the EU
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As reported by CoinDesk, the British regulator FCA has granted CF Benchmarks a status of an administrator, today, on Friday 13 September. After the European Benchmark Regulation (EU BMR) comes into effect at the start of 2020, crypto trading and investment companies will be able to take advantage of CF Benchmark’s indexes while working with any financial products on the EU market.

Crypto companies can now tap into the EU market

CF Benchmarks is famous for working with the Chicago-based CME exchange (one of the first ones to launch Bitcoin futures in December 2017, along with CBOE) and providing indexes for the BTC-futures for them.

The CEO of the CF Benchmarks, Sui Chung, said in an interview that this event will now allow crypto companies from around the world to work in the European financial market.

As per Chung, benchmarks used by financial firms in the EU are under a heavy regulation and banks, along with asset management companies utilize quite a lot of indices for their operations.

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Brexit on the horizon

He also said that all those regulatory rules will take effect in early January 2020. As an example, he said that any fund seeking to launch an ETF, which tracks a certain cryptocurrency index, would have to track a regulated index as well.

Chung also stated that the license received by CF Benchmarks would remain valid even if Brexit takes place and the UK and Europe are no longer one economic space.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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