Following the Cryptoassets Taskforce report in October, the FCA published a consultation on where they believed cryptoassets fit into existing FCA regulation. In order to clearly separate where it holds competency, the consultation breaks cryptoassets into three categories:
- Exchange tokens
- Security tokens
- Utility tokens
The Cryptoassets Guidance consultation, which can be found here , closed in April, with the FCA’s response expected in Summer 2019. The consultation will be followed by separate consultations by the FCA and HM Treasury on expanding the regulatory perimeter, proposals to possibly ban crypto-derivatives from the retail market, and the transposition of the Fifth Anti-Money Laundering Directive (5MLD) which brings crypto exchanges, and other crypto-related companies within the remit of AML regulation, into UK law.