Seek Authorization, FCA Tells Firms Offering Cryptoassets

Law360, London (July 31, 2019, 12:41 PM BST) -- The Financial Conduct Authority set out details on Wednesday of which cryptoasset activities it regulates so that financial companies offering digital assets can seek authorization, as the watchdog seeks to protect consumers from potentially risky products.

The FCA said it will regulate security tokens, which are instruments that provide rights to their owner, such as voting rights, in the same way as a share. It will also regulate e-money utility tokens, which can grant their holders early access to a sale or the right to see data held within a network. They are subject to the U.K.’s Electronic Money Regulations....

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