FCA Consults on Guidance on Cryptoasset Activities It Regulates
FCA is consulting (CP19/3) on a guidance, which, once finalized, will set out the cryptoasset activities it regulates. Comment period on this consultation ends on April 05, 2019.
The guidance will help firms understand whether their cryptoasset activities fall under FCA regulation. The guidance is also intended to provide firms with a better understanding of whether they need to be authorized and can help the firms to ensure that they are compliant and have appropriate consumer safeguards in place. The consultation is in response to industry request for greater clarity and to the Cryptoasset Taskforce’s recommendation that FCA provide additional guidance on the existing regulatory perimeter. This consultation is an important first step in delivering the outcomes of the Cryptoasset Taskforce as well as in the FCA work to address the harms from cryptoassets and encourage innovation in the interest of consumers.
This guidance applies to firms issuing or creating cryptoassets, firms marketing cryptoasset products and services, firms buying or selling cryptoassets, firms holding or storing cryptoassets, financial advisers, professional advisers, investment managers, recognized investment exchanges, and consumers and consumer organizations. The guidance also covers security tokens and utility tokens, with the consultation paper setting out where 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
FCA will publish its feedback and the final text of this guidance in summer 2019. Later this year, FCA is also expected to consult on banning the sale of derivatives linked to certain types of cryptoassets to retail investors. The government is planning to consult on whether to expand the regulatory perimeter to include further cryptoassets activities.
Related Links
Comment Due Date: April 05, 2019
Keywords: Europe, UK, PMI, Banking, Securities, Crypto Assets, Regtech, Fintech, FCA
Previous Article
FCA Proposes Amendments to SM&CR for Banks and InsurersRelated Articles
|
News
FASB Issues Minor Improvements to Financial Instruments StandardsFASB issued an Accounting Standards Update (ASU No. 2019-04) that clarifies and improves areas of guidance related to the recently issued standards on credit losses (Topic 326), derivatives and hedging (Topic 815), and recognition and measurement of financial instruments (Topic 825).
April 25, 2019
WebPage
Regulatory News
|
|
News
APRA Grants License to New Authorized Deposit-Taking InstitutionAPRA announced that it has granted Judo Bank Pty Ltd a license to operate as an authorized deposit-taking institution without restrictions, under the Banking Act 1959.
April 24, 2019
WebPage
Regulatory News
|
|
News
BoE Report on Evaluation of Approach to Concurrent Stress TestingBoE published a report on the evaluation, by the Independent Evaluation Office (IEO), of the effectiveness of the approach of BoE to concurrent stress testing.
April 24, 2019
WebPage
Regulatory News
|
|
News
FDIC Consults on Approach to Resolution Planning for IDIsFDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.
April 22, 2019
WebPage
Regulatory News
|
|
News
FDIC Specifies Submission Timeline for FFIEC 031, 041, and 051 ReportsFDIC published the financial institution letters (FIL-21-2019 and FIL-22-2019) that offer guidance on submission of Call Reports FFIEC 051, FFIEC 041, and FFIEC 031 for the first quarter of 2019.
April 19, 2019
WebPage
Regulatory News
|
|
News
US Agencies Propose to Revise Call Reports FFIEC 031, 041, and 051US Agencies (FDIC, FED, and OCC) proposed to revise and extend, for three years, the Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.
April 19, 2019
WebPage
Regulatory News
|
|
News
US Agencies Propose to Amend Rule on Supplementary Leverage RatioUS Agencies (FDIC, FED, and OCC) are proposing to revise the capital requirements for supplementary leverage ratio, as required by the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
April 18, 2019
WebPage
Regulatory News
|
|
News
EIOPA Held InsurTech Roundtable on Use of Cloud Computing by InsurersEIOPA had, on April 11, 2019, hosted its Fourth InsurTech Roundtable on the use of cloud computing by insurance undertakings.
April 17, 2019
WebPage
Regulatory News
|
|
News
EP Resolution on Proposal for Sovereign Bond Backed SecuritiesThe European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).
April 16, 2019
WebPage
Regulatory News
|
|
News
HKMA Decides to Maintain Countercyclical Capital Buffer at 2.5%HKMA announced that, in accordance with the Banking (Capital) Rules, the countercyclical capital buffer (CCyB) ratio for Hong Kong remains at 2.5%.
April 16, 2019
WebPage
Regulatory News
|
