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CryptoUK Response To The FCA Consultation On Cryptoassets

Date 23/01/2019

Commenting on the FCA’s consultation concerning guidance on cryptoassets and the regulatory perimeter, CryptoUK Chair Iqbal V. Gandham said:

“We welcome the FCA’s recognition that it needs to provide clarity and certainty to cryptoasset firms on its regulatory perimeter. This is an important first step towards proportionate, well-designed regulation for our fast-growing industry.

“While recognising that it is the FCA’s role to prevent consumer harm – also reflected in CryptoUK’s own Code of Conduct - it is imperative that policymakers balance this with a framework which enables the sector to grow, attract inward investment and supports the UK as a global hub for the industry, as we’ve seen in other forward-thinking markets.

“The paper acknowledges that only a small proportion of the world’s crypto exchanges are based in the UK compared with elsewhere. We firmly believe this will change with a proportionate and balanced regulatory framework, which would give crypto businesses the reassurance and security needed to base themselves here.

“Today’s consultation is helpful in outlining where cryptoassets fall into existing regulation, but HMT’s forthcoming consultation will prove an important next step in exploring the legislative changes needed to broaden the FCA’s remit to cover the unique qualities of cryptoassets, which existing regulation is ill-equipped for.”

Background:

The FCA consultation is available online here: https://www.fca.org.uk/publications/consultation-papers/cp19-3-guidance-cryptoassets