Quote from: UsernameCrypto on February 16, 2021, 05:34:35 PM

Guys, I think I might be okay to buy crypto even via my bank but could do with your advice. It appears as though my country hasn't banned crypto outright. Read this especially the bit I've put in bold:

... has banned the sale of cryptocurrency derivatives products to retail investors ... the regulator declared that the sale, marketing, and distribution of any derivatives including contracts for difference, options, futures, and exchange-traded notes (ETNs) by any local or foreign company is banned. The Authority said derivatives based on digital assets like bitcoin (BTC) or ethereum (ETH) are ill-suited for retail consumers due to the harm they pose ... the ban does not affect the trading of virtual currencies such as bitcoin, which are not regulated by the Authority ...

And this:

... you can still buy Bitcoin and other cryptocurrencies. The Authority isn’t stopping people buying bitcoin or other cryptocurrencies directly, but it’s banning the sale of products which track cryptocurrency prices. These include unregulated transferable cryptoassets which are tokens but not “specified investments” or e-money ...

Both extracts are from reputable websites not just someone's random blog. In my ignorance I had thought 'derivatives' covered the basic buying of bitcoin, ethereum etc, however if I'm reading the above correctly, I can legally still buy within my country, would you agree based on the above?

Note my plan would basically be to buy crypto over maybe 24-36 months using dollar cost average approach then sit on it for x years. I'm not interested in regularly trading crypto or using it for other purposes e.g. buying stuff. I think however I still need to be cautious around my bank as I've read some people have run into difficulties, even though it's only credit card transactions the bank has banned. I'm also reading some horror stories when people try to get a property mortgage or remortgage. Some banks are rejecting applications when they discover the applicant holds crypto Sad

Also, sorry if a stupid question, if I simply intend to buy crypto and sit on it, can I complete buying transactions with the likes of Kraken?

Sources

https://news.bitcoin.com/uk-bans-sale-of-crypto-derivatives-to-retail-investors-says-move-to-save-69-million-in-losses/
https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers
https://www.fca.org.uk/news/press-releases/fca-proposes-ban-sale-crypto-derivatives-retail-consumers

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