UK FCA Publishes Guidance On Cryptoassets

On January 23, 2019, the United Kingdom's Financial Conduct Authority ("FCA") released initial Guidance on Cryptoassets (the "FCA Guidance"). The FCA Guidance further develops the work of the UK Cryptoassets Taskforce, which in October 2018 issued its Final Report on the UK regulatory environment for cryptoassets and distributed ledger technology. The UK Cryptoassets Taskforce noted the need for regulatory clarity on cryptoasset activities. The FCA Guidance addresses which cryptoasset activities currently fall under FCA regulations, as well as providing recommendations on unregulated cryptoasset activities which may be regulated in the future. Interested parties have an opportunity to offer feedback on the FCA Guidance until April 5, 2019 before final guidance is published in the summer of 2019.