The EU Has Released A Study Titled ‘Competition Issues in the Area of Financial Technology’
The number of start-ups, traditional financial institutions and big tech companies involved in FinTech services has grown exponentially bringing new challenges to the space, according to a study at the request of the European Parliament Committee on Economic and Monetary Affairs. The study looks at impactors in anticompetitive behaviours, network effects, access to customer data, standardisation, interoperability and the use of algorithms. The FinTech ecosystem is still young and constantly evolving with many developments and decisions in this sector. Adoption is key to increase the potential in crypto buying.
Services offered by FinTech have huge potential benefits to European consumers impacting efficiency, cost reductions and transparency. These services are changing the way traditional financial services are provided. The study currently states, ‘no consensus on a standard classification’ and proposes categories to encompass the services provided:
Cryptocurrencies
Competition in the market arises between the digital currencies themselves also referred to as an Inter-cryptocurrency market and the exchanges, known as an intra-cryptocurrency market. Sub-markets such as mining, exchanges, wallets and payments are subject to slightly different environments and dynamics which creates competition issues. The most common factor is the presence of network effects as well as the standardisation of distributed ledger technology.
Cryptocurrencies are digital currencies that operate in a decentralised way using peer-to-peer technology without the participation or authority of a central bank. The study suggests there are three types of stakeholders developing or using this technology: start-ups and newcomers, traditional financial service providers and technology companies to provide services for customers to make a bitcoin investment. Cryptocurrency management services of companies involved include, wallet providers, crypto payments, crypto exchange and trading and mining.
With new FinTech services entering the space each day, the accessibility to buy bitcoin and make a crypto investment is becoming easier.
Be sure to visit BC Bitcoin to buy and sell cryptocurrency as well as the latest updates on the market.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards