Today in crypto: The United Kingdom’s Financial Conduct Authority (FCA) approved regulatory technology company Eunice to trial standardized crypto disclosure templates with major exchanges and gather real-world data to help shape its new crypto rulebook. Robinhood has tipped prediction markets as its fastest-growing product line, and Polymarket received approval to operate an intermediated trading platform in the United States.
FCA trials crypto transparency templates as UK shapes new rulebook
The UK FCA has approved regulatory technology (RegTech) company Eunice to run experiments in its sandbox, which offers one of the clearest indications yet of how the country intends to build its forthcoming crypto rulebook.
On Wednesday, the FCA announced that Eunice will test a set of standardized crypto disclosure templates with major exchanges, including Coinbase, Crypto.com and Kraken. The company will test whether the templates improve transparency when used in real-world settings.
The FCA also highlighted that its regulatory sandbox is still accepting applications from companies looking to test their ideas. “We encourage any firm to apply who are looking to test a similar solution to help inform our regulatory approach to cryptoassets,” said Colin Payne, the head of innovation at the FCA.
By testing industry-led tools rather than relying on theoretical policy, the FCA signals that future crypto rules will be shaped through practical trials and real-world feedback.
Cointelegraph reached out to Eunice for comments, but had not received a response by publication. Eunice co-founder and CEO Yi Luo said the sandbox provides a space where regulators and industry members can work together to strengthen the foundations of the UK’s crypto markets.
Prediction markets are Robinhood’s fastest-growing money maker
Trading platform Robinhood says prediction markets have emerged as one of its fastest-growing product lines in terms of revenue, amid plans to expand its business with a futures and derivatives exchange and clearinghouse.
Since launching its prediction markets in March in partnership with prediction market platform Kalshi, nine billion contracts have been traded by more than one million users, Robinhood said in a statement on Tuesday.
JB Mackenzie, the general manager of futures and international at Robinhood, said the platform is “seeing strong customer demand for prediction markets, and we’re excited to build on that momentum.”
Robinhood said it is also planning to grow its investment in prediction markets, with a futures and derivatives exchange and clearinghouse, to deepen “our investment in Prediction Markets.”
“Our investment in infrastructure will position us to deliver an even better experience and more innovative products for customers,” Mackenzie added.
Polymarket wins regulatory approval to operate US trading platform
Prediction platform Polymarket has received regulatory approval from the US Commodity Futures Trading Commission to operate an intermediated trading platform.
In a Tuesday notice, Polymarket said the CFTC issued an Amended Order of Designation, which will allow the company to “operate an intermediated trading platform subject to the full set of requirements applicable to federally regulated US exchanges.” According to Polymarket, the approval will result in the platform onboarding brokerages and customers directly and facilitating trading on US venues.
“This approval allows us to operate in a way that reflects the maturity and transparency that the US regulatory framework demands,” said Polymarket founder and CEO Shayne Coplan.
The regulatory approval came about five months after the CFTC and the US Department of Justice closed an investigation into Polymarket regarding whether the platform accepted trades from US-based users. The FBI reportedly raided Coplan’s home as part of the probe into the prediction platform, seizing his electronic devices.
The predictions platform is subject to oversight and regulation from the CFTC while operating in the United States. A market structure bill moving its way through Congress could also expand the CFTC’s authority over digital assets.