The 31 July 2019 FCA policy statement PS19/22 : Guidance on Cryptoassets sets out the FCA’s final guidance on whether dealings involving cryptoassets require authorisation under FSMA. Broadly speaking, the FCA considers that exchange tokens (e.g. Bitcoin) and utility tokens usually will not, and security tokens and e-money tokens usually will. It notes that “stablecoins” may or may not be “e-money” or “security tokens”, but could be derivatives, units in a collective investment scheme, debt securities or some other type of specified investment.
Articles by DLA Piper.