The UK Financial Supervisory Authority has published a new guide on digital assets.
The guidelines provide a comprehensive overview of what FCA will regulate in the crypto space. The new rules provide that utility tokens must only comply with KYC rules, while security tokens require additional approvals.
The regulatory authority’s Crypto Asset Task Force was formed last year and hoped to establish how crypto assets fall within the existing regulatory perimeter. After publishing their proposals in January, they opened a consultation period to request feedback. This period ended in April.
The FCA has announced four types of cryptocurrencies:
The FCA has not imposed additional regulations for crypto exchanges and other market participants.
CryptoUK Group expressed the opinion of the community:
“In general, the changes made provide more clarity in the crypto domain.”
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