The British regulator has presented the final …
UK regulator unveils final guidelines for cryptocurrency industry
The UK Financial Conduct Authority (FCA) has completed the development of a guide to cryptocurrency assets, writes CoinDesk.
Most of the rules published this Wednesday were presented to the general public back in January. As expected, the final version of the guide does not contain significant changes to the current regulatory framework and instead establishes which tokens are within the purview of the agency..
In particular, the guidance contains the concept of a security token, which is defined as an asset that has the characteristics of an equity or debt instrument, including ownership, which is why it must be regulated by the FCA..
Utility tokens, on the other hand, do not provide such rights and, as a rule, will not be of interest to FCA. An exception is made when they function as electronic money. Certain stablecoins belong to the category of electronic money..
“A token that is not a security or a form of electronic money is not subject to regulation. However, market participants need to take into account that certain activities using such tokens may be regulated, for example, when they are used to make regulated payments, ”the document says..
The third category is “exchange tokens”. It included bitcoin, ether and other cryptocurrencies, which the FCA does not regulate. However, they are also subject to anti-money laundering regulations..
“Market participants should use this guide as a first step towards understanding how they should deal with certain cryptocurrency assets. However, the final decision can only be made in each individual case, “- explains the regulator.
Companies are given the option to issue security tokens without a regulatory license, which is also not required to issue traditional securities. At the same time, such tokens cannot be traded without FCA permission..
Earlier FCA came up with a proposal to ban cryptocurrency derivatives.
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