Watch out Crypto people - the regulators are coming!
Updated: Jun 27, 2019
As the development of the cryptoasset market, and the underlying DLT (Blockchain) technology, picks up pace the Financial Conduct Authority (FCA) has recognised that it needs to issue clear guidance on the range of activities that fall within the scope of its regulatory remit and for which authorisation is required. To that end, the FCA has been carrying out a consultation with market participants and will be publishing its Guidance in the next few weeks.
The Guidance should provide clarity on where cryptoasset based tokens are likely to be:
· Specified Investments under the Regulated Activities Order
· Financial Instruments under the Markets in Financial Instruments Directive II
· E-Money under the E-Money Regulations
· Captured under the Payment Services Regulations
The Guidance is likely to apply to a wide range of activities including:
· firms issuing or creating cryptoassets
· firms marketing cryptoassets products and services
· firms buying or selling cryptoassets
· firms holding or storing cryptoassets
· financial advisers
· professional advisers
· investment managers
· recognised investment exchanges
· consumers and consumer organisations
If you are involved in any of those activities involving cryptoassets, watch this space!
First Platinum International provides expert guidance on regulatory compliance in the blockchain, cryptocurrency and token issuing space. If you wish to discuss any issues please email us at email@example.com.