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  • Home
  • About
  • Podcast
    • Summaries
    • Articles
  • Invoice Finance
    • Basics
      • What is Invoice Finance?
      • What is Reverse Factoring?
      • What are Trade Receivables?
      • What is the Cash Conversion Cycle?
      • What is Days Inventory Outstanding?
      • What is Days Sales Outstanding?
      • What is Days Payable Outstanding?
    • Advanced
      • Invoice Validation and Fraud Detection
      • Reasons Why Invoice Finance is Better than a Bank Loan
      • How to Choose the Right Factoring Firm for Your Business
      • A Closer Look at Factoring Agreements
      • What is Trade Receivables Securitisation?
      • Breakdown of the Costs for Factoring
    • Factoring
      • Why Companies Use Invoice Factoring
      • What Companies are Suitable for Invoice Factoring?
      • Factoring and Invoice Discounting
      • How Factoring Works
      • Asset Based Lending
      • Is Factoring Right for Your Company?
      • Accounting for Factoring
      • How a Company Enters into a Factoring Agreement
      • The Costs Involved in Factoring
      • Changing Factoring Company
      • The Relationship Between the Factoring Company and the Debtor
      • Legal Aspects of a Factoring Company Pursuing Payment Through the Courts
      • Factoring in the Construction Industry
    • Fraud
      • Types of Invoice Fraud
      • How to Combat Invoice Fraud
    • E-Invoicing
      • Legal Status of Electronic Invoicing
      • The Benefits of E-Invoicing
      • Implementing an E-Invoice System
      • E-Invoicing Adoption in Mexico and The Rest of the World
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Home Crypto Finance Crypto Assets

Latest about the UK Regulatory Proposal for Crypto Assets

John Goodden by John Goodden
May 16, 2023
in Crypto Assets, Crypto Finance
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crypto assets
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Latest about the UK Regulatory Proposal for Crypto Assets
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Download file | Play in new window | Duration: 4:15 | Recorded on May 15, 2023

The United Kingdom, until now, has been slower than the European Union in formulating a robust regulatory framework for crypto assets. Nonetheless, with the forthcoming Financial Services and Markets Bill (FSMB), which is expected to be passed into law by spring, the UK is making concerted efforts to bridge this gap.

The new legislation will significantly enhance the regulatory powers of the HM Treasury (HMT) by extending the scope of financial services regulations to include crypto assets. In early February, the HMT released its much-anticipated consultation paper discussing an extensive regulatory framework for crypto assets, excluding fiat-referenced stablecoins.

Crypto Asset Activities Regulation

This recent consultation forms a crucial part of the UK’s regulatory strategy, aiming to broaden the regulatory perspective beyond stablecoins, which were the primary focus of a previous January 2021 consultation. The current consultation also aligns with other proposals included in the FSMB, especially the introduction of a regime to regulate “digital settlement assets.” These are defined as fiat-supported stablecoins used for payment purposes, highlighting the government’s intent to streamline and strengthen the regulatory environment for digital currencies.

Lately, HMT has proposed a variety of new regulated activities related to crypto assets. This means firms engaging in these activities will have to seek authorization (or exemption) under the Financial Services and Markets Act 2000 (FSMA) to operate legally in (or into) the UK.

The proposed activities bear a strong resemblance to the regulated activities under the existing FSMA framework, but the inclusion of unique crypto asset activities demonstrates the proactive approach of the UK regulatory bodies in keeping up with the dynamic nature of the crypto asset market.

HMT is also considering employing the new “designated activities regime” (DAR), to be introduced under the FSMB, as a regulatory tool for certain crypto asset activities, especially where licensing requirements may not necessarily be applicable. HMT’s proposals, in many ways similar to MiCA, include a comprehensive system for the issuance, offering, and admission to trading of crypto assets. The definition of a “crypto asset,” as provided by the FSMB, is very broad. HMT might introduce specific exclusions from this definition for the purposes of the new regulatory framework, but it has yet to provide detailed information on this.

Phase 2 of Crypto Asset Regulation

The implementation of this new regulatory framework forms part of the “Phase 2” of the UK’s phased approach to crypto asset regulation. Phase 1 involved the implementation of the digital settlement assets system for regulating fiat-backed stablecoins. Once the FSMB receives Royal Assent (expected in Q2 2023), HMT will be able to enact secondary legislation detailing the system.

The regulatory changes include new rules for financial promotions related to crypto assets, and ongoing discussions about the introduction of a central bank digital currency (CBDC) in both the UK and EU. Both jurisdictions are also implementing FATF (Financial Action Task Force) Recommendation 16, also known as the “travel rule,” which necessitates that crypto asset transfers must be accompanied by certain identifiable information on the sender and recipient.

Tags: crypto asset activitiescrypto regulation UKdesignated activities regimeFinancial Services and Markets BillMiCA
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  • Home
  • About
  • Podcast
    • Summaries
    • Articles
  • Invoice Finance
    • Basics
      • What is Invoice Finance?
      • What is Reverse Factoring?
      • What are Trade Receivables?
      • What is the Cash Conversion Cycle?
      • What is Days Inventory Outstanding?
      • What is Days Sales Outstanding?
      • What is Days Payable Outstanding?
    • Advanced
      • Invoice Validation and Fraud Detection
      • Reasons Why Invoice Finance is Better than a Bank Loan
      • How to Choose the Right Factoring Firm for Your Business
      • A Closer Look at Factoring Agreements
      • What is Trade Receivables Securitisation?
      • Breakdown of the Costs for Factoring
    • Factoring
      • Why Companies Use Invoice Factoring
      • What Companies are Suitable for Invoice Factoring?
      • Factoring and Invoice Discounting
      • How Factoring Works
      • Asset Based Lending
      • Is Factoring Right for Your Company?
      • Accounting for Factoring
      • How a Company Enters into a Factoring Agreement
      • The Costs Involved in Factoring
      • Changing Factoring Company
      • The Relationship Between the Factoring Company and the Debtor
      • Legal Aspects of a Factoring Company Pursuing Payment Through the Courts
      • Factoring in the Construction Industry
    • Fraud
      • Types of Invoice Fraud
      • How to Combat Invoice Fraud
    • E-Invoicing
      • Legal Status of Electronic Invoicing
      • The Benefits of E-Invoicing
      • Implementing an E-Invoice System
      • E-Invoicing Adoption in Mexico and The Rest of the World
  • Brokers
    • UK Brokerage Firms
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      • The 7 Types of AI and Their Implications for the Future
      • Transforming Trade Finance: The Role of AI
      • The Different Programming Languages Used in Fintech Companies and Financial Institutions
      • UK and US Authorities Intervene in AI Sector
      • Web3 Applications and the Future of Trade Finance
      • What is Web 3?
      • What Can Fintech do for You?
      • What is Fintech?
      • Tokenisation of Finance
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  • Legal
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      • A Guide to Accounts Receivable Purchase Agreements and Invoice Discounting Agreements
      • The Challenges of KYC and AML Checks
      • What is The Model Law on Electronic Transferable Records (MLETR)?
      • Snapshot of Factoring Legal Schemes in England and Wales
      • How are UK Factoring Firms Regulated?
      • What is ISO20022 and Why is it Important?
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    • Economic Indicators
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      • The Current State of the UK Economy
      • Economic Forecast for the UK in 2023
      • Economic News for 2022
      • Financial Crisis or Not?
      • Credit Suisse Bailout
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      • The Benefits of Credit Insurance in Invoice Finance
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    • Interview with Crossflow
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