FCA has clarified its views on the regulation of cryptocurrency derivatives. It has previously explained that cryptocurrencies are, of themselves, not regulated although they may be part of other regulated products or services. Cryprocurrency derivatives, though, may be financial instruments for the purpose of MiFID 2. FCA says those who deal, arrange deals in, advise on or provide other regulated activities in relation to derivatives that reference either cryptocurrencies or tokens issued through an ICO will need authorisation. It says this includes cryptocurrency futures, options and cfds.