PS19/22: Guidance on Cryptoassets

Open consultation: CP19/3
Consultation closes
Policy Statement

The FCA has carried out work on cryptoassets, both as part of a broader UK Cryptoasset Taskforce and independently to achieve our objectives. This policy statement is the next step in the FCA’s work on cryptoassets and sets out details on where different types of cryptoassets might fall in the regulatory perimeter.

Read PS19/22 (PDF)

This policy statement responds to feedback we received to CP 19/3 (PDF), explaining the changes we have made to the Guidance on which we consulted and sets out Final Guidance. The cryptoasset market, and the underlying DLT technology, is developing quickly and participants need to be clear on where they are conducting activities that fall within the scope of the FCA’s regulatory remit and for which they require authorisation

The Final Guidance will help market participants to understand whether the cryptoassets they use are within the regulatory perimeter. This will alert market participants to pertinent issues and should help them better understand whether they need to be authorised and what rules or regulations apply to their business.

This paper sets out where tokens are likely to be:

  • specified investments under the Regulated Activities Order
  • e-money under the E-Money Regulations
  • captured under the Payment Services Regulations
  • outside of regulation

Who this applies to

  • firms issuing or creating cryptoassets
  • firms marketing cryptoasset products and services
  • firms buying or selling cryptoassets
  • firms holding or storing cryptoassets
  • financial advisers
  • professional advisers
  • investment managers
  • recognised investment exchanges
  • consumers and consumer organisations