UK Issues Legal Guidance on Crypto Assets

[wry]

In some exciting news from the UK, yes something other than Brexit, the UK financial regulator, the Financial Conduct Authority, issues its guidelines for a full range of crypto assets. 

It confirms that coins like Bitcoin are exchange tokens and NOT regulated, though anti-money laundering rules still apply.  The also define security tokens  used for ICOs as well as "utility" tokens.  On balance some good clarity and guidance.

The only issue that was a bit upsetting is that the regulator prohibited crypto derivatives for retail investors, including options, futures, contracts for difference (CFDs) and exchange-traded notes with underlying (unregulated) cryptoassets like bitcoin.  Given that there are already futures trading in the USA this result surprised me.  At least at this point it's just a proposed ban, while most everything else they did makes lots of sense.

I'm scoring this as a win for bitcoin and regulation, how do you see it?

Link:  https://www.coindesk.com/uk-financial-watchdog-issues-full-guidance-on-crypto-assets

[williamshennie9]

I suppose this is a good thing, but it has come very late in my opinion. Legislation relating to bitcoin and other digital assets should have been done in 2017, when many people were getting involved.

[Enzo]

I think that's a great thing!! 

I think it's amazing that governments are finally getting into crypto and helping people with it. I think it's far too long coming.

[wngo123]

Governments around the world are so afraid of crypto because they simply can't control it. This is the reason of all those regulations being introduced. I think people should begin protesting against that and let to know politicians that they won't vote for people who want to regulate crypto. 

[675675]

I think it’s good that the government began to act, but it would be better if they did it earlier at the peak of activity