FCA cryptoactives regulation excludes bitcoin and ether

Britain's financial regulator known as the Financial Conduct Authority (FCA) will not regulate bitcoin as part of its latest cryptoactive legislation

The FCA issued its final policy statement on cryptocurrencies in a document entitled “PS19 / 22: Guidance on Cryptoactives.” The regulator stressed that bitcoin and ether are not included in its regulatory scope and are outside the competence of the organization.

The publication represents an updated version of a document that was submitted for consultation on cryptocurrencies initially launched for public comment in January 2019 and intended to provide more regulatory clarity to existing digital assets.

In the document, the Financial Conduct Authority considered bitcoin and ether as the main cryptocurrencies. It called them “exchange tokens” and described them as types of crypto assets that are generally “decentralized and used primarily as a means of exchange.”

Meanwhile, two other types of digital assets, including value tokens and utility tokens, were included within the regulatory perimeter and may be regulated in some sense by the organization.

The FCA will regulate value tokens, as they are considered digital assets with specific characteristics that provide rights and obligations similar to specific investments such as debt shares or debt instruments.

L. Saenz

Source: Cointelegraph

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