On 8th August, Gowling WLG published an article saying that the FCA has this month published Final Guidance on Cryptoassets in an attempt to help firms understand whether, and the extent to which, their cryptoasset activities fall under FCA regulation. This followed a Consultation Paper issued by the FCA earlier this year which set out its proposals for guidance on Cryptoassets for the first time. The article notes that the FCA has now reclassified its categories of recognised tokens – from ‘utility’, ‘security’ and ‘exchange’ tokens to unregulated tokens, regulated tokens, and e-money tokens. The article discusses each of these new categories of token and the FCA’s views on ‘Stablecoins’. It also explores how authorised firms using unregulated tokens may still be subject to regulatory requirements.
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