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ARTICLE · 01 FEBRUARY 2019

FCA Consults On Cryptoassets Regulation

Gowling WLG
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The Financial Conduct Authority (FCA) has published its Consultation Paper (CP19/3: Guidance on Cryptoassets) which sets out guidance on how cryptoassets can be subject to FCA regulation.

CanadaFinance and Banking
Ian Mason
Ian Mason
Sushil Kuner
Sushil Kuner
Kam Dhillon
Kam Dhillon
David E. Brennan
David E. Brennan
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The Financial Conduct Authority (FCA) has published its Consultation Paper (CP19/3: Guidance on Cryptoassets) which sets out guidance on how cryptoassets can be subject to FCA regulation. Our Financial Services Regulatory experts summarise the FCA's expectations and highlight the key considerations for firms.

Overview

The Guidance seeks to clarify where different categories of cryptoasset tokens fall in relation to the FCA's regulatory perimeter, i.e. the boundary that separates regulated and unregulated financial services activities. Activities which fall within the regulatory perimeter are regulated and require authorisation from the FCA, and in limited circumstances the Prudential Regulation Authority, before they can be carried out. Carrying out regulated activities without the relevant authorisations may constitute a criminal offence.

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