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The UK has taken a proactive approach to regulating cryptoassets, enacting several pieces of legislation in recent years to bring this emerging asset class under the purview of existing financial services regulations. The latest significant development came with the introduction of the Financial Services and Markets Act 2023 (FSMA 2023), which came into force on August 29, 2023. This legislation defines cryptoassets as “fungible tokens” and brings them within the scope of the existing regulatory regime, specifically the FSMA 2000.
Under FSMA 2023, cryptoasset businesses that engage in the “management or arrangement of deals in cryptoassets” or provide “financial promotions” in the UK are subject to the same regulatory requirements as traditional financial services providers. This includes obtaining authorization from the Financial Conduct Authority (FCA), adhering to anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, and providing fair and transparent information to consumers.
In addition to FSMA 2023, the UK has also implemented the Travel Rule, a global standard for cryptoasset transactions. This rule requires cryptoasset businesses to collect, verify, and share information about cryptoasset transfers, making it more difficult for criminals to use cryptoassets for illicit activities. The Travel Rule came into effect for UK businesses on September 1, 2023.
Furthermore, the Economic Crime and Corporate Transparency Bill, which received royal assent in April 2022, introduces new powers for law enforcement agencies to seize and forfeit cryptoassets. This includes the ability to obtain freezing and forfeiture orders for cryptoassets stored with cryptoasset providers.
The UK’s approach to cryptoasset regulation is considered to be relatively progressive, balancing the need to protect consumers and prevent financial crime while also fostering innovation in the crypto industry. The government has established a Cryptoassets Task Force to oversee the development of regulatory guidance and engage with industry stakeholders.
Here’s a summary of the key takeaways from the latest UK crypto legislation:
Cryptoasset businesses are subject to the same regulatory requirements as traditional financial services providers.
The Travel Rule is mandatory for UK cryptoasset businesses, enhancing transparency in cryptoasset transactions.
Law enforcement agencies have expanded powers to seize and forfeit cryptoassets.
The government is fostering innovation in the crypto industry while safeguarding consumer protection and combating financial crime.
The UK’s regulatory approach to cryptoassets is likely to continue to evolve as the industry matures and new technologies emerge. As the UK government seeks to establish a leading position in the global crypto ecosystem, it will need to strike a delicate balance between regulation and innovation, ensuring that the UK remains a hub for crypto innovation while protecting consumers and upholding financial stability.
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UK crypto regulation, Travel Rule, FSMA 2023, FCA, AML, CTF, cryptoasset business, cryptoasset transactions, economic crime, corporate transparency
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