FCA releases updated guidance on UK cryptocurrency market.
BANKING AND CREDIT NEWS-August 1, 2019--FCA releases updated guidance on UK cryptocurrency market
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Global Banking News - 01 August 2019
The Financial Conduct Authority (FCA) has issued updated guidance on the UK's cryptocurrency market, The Block has reported.
The FCA had released draft proposals at the beginning of the year. In the draft, the regulator had specified that a token that is not a security token is unregulated. Such a classification only requires cryptocurrencies like bitcoin and ether to follow KYC rules, rather than be regulated by the FCA.
The update states that utility tokens would not fall under the FCA's domain in 'most circumstances.' Also, the decision on what should be...
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