U.K. Financial Conduct Authority Releases Final Guidance on Cryptoassets

On July 31, 2019, the U.K. Financial Conduct Authority (FCA), the U.K.'s financial services conduct regulator, released its policy statement containing final guidance on the regulations applicable to cryptoassets (the Policy Statement) under the U.K. Financial Services and Markets Act 2000 (the FSMA). The Policy Statement sets out how the FCA determines whether a particular cryptoasset is a "security", the scope of regulated financial services activities, and the permissions and obligations associated with carrying out regulated activities in relation to cryptoassets that are considered to be securities. The Policy Statement is relevant to anyone engaged in the issuance, creation, marketing, sale, holding or storing of cryptoassets in the U.K., and to others interested in the comparative approach to the regulation of cryptoassets taken by regulators outside Canada and the U.S. For regulatory developments within Canada and the U.S., view our bulletin "Canada & U.S.: