Consumer Duty Application refers to the practical implementation of regulatory requirements designed to ensure financial firms act in the best interests of their customers. This involves applying principles that mandate fair value, clear communication, suitable products, and robust customer support. It aims to raise standards of protection for individuals interacting with financial services.
Context
In the digital asset space, discussions around Consumer Duty Application often focus on how traditional financial regulations extend to cryptocurrency service providers. News articles report on regulatory bodies seeking to apply these duties to crypto exchanges, custodians, and DeFi platforms, demanding greater accountability for user outcomes. This regulatory push seeks to protect users from undue risk and unfair practices in a rapidly evolving market.
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