Preparing For The New NFA Cryptocurrency Requirements

By J.P. Bruynes and Stephanie Bradford (October 24, 2018, 3:45 PM EDT) -- The Oct. 31 effective date is fast approaching for the National Futures Association disclosure requirements regarding virtual currency. Since the virtual currency market remains largely unregulated and opaque, the NFA has responded by adopting an interpretive notice that establishes disclosure requirements for futures commission merchants (FCM), introducing brokers (IB), commodity pool operators (CPO) and commodity trading advisers (CTA) that engage in virtual currency activities. While the NFA elected not to define virtual currency, the NFA stated in in a webinar hosted on Oct. 11 that the intent is for the term to broadly cover all kinds of digital assets and cryptocurrencies....

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