A summary of the key proposals, drawing out the practical implications and next steps for affected businesses and markets.
Sam Robinson | CMS
The A&D regime will apply to the admission to trading of qualifying cryptoassets on cryptoasset trading platforms that allow retail participation.
Non-UK operators in this space should start considering the proposed requirements and how they intend to structure their UK business models.
The FCA plans to extend the High-Level Standards in the FCA Handbook to cryptoasset firms in line with FSMA-authorized entities.
Payments and e-money firms impacted by codification of guidance and new requirements including the imposition of a statutory trust.
The new UK Private Intermittent Securities and Exchange System (PISCES) is a platform for secondary trading in freely transferable shares issued by UK or non-UK companies.
New rules apply to all firms marketing cryptoassets to UK consumers, whether based in the UK or overseas.