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.
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.