The UK’s Financial Conduct Authority (FCA) has launched a consultation (CP19/03), which sets out details on where different types of crypto-assets might fall in the regulatory perimeter. The aim is for concerned firms to have a better understanding of whether they need to be authorised and can ensure they are compliant and have appropriate consumer safeguards in place. The consultation period will last until Friday 5 April 2019. Once the consultation period is over, the FCA will analyse and consider all responses before publishing final Guidance on the existing regulatory perimeter in relation to crypto-assets no later than summer 2019.
The consultation sets 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; and
  • captured under the Payment Services Regulations.
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