The UK Financial Conduct Authority publishes comprehensive guidance on cryptographic assets to determine which tokens fall under their jurisdiction

On July 31st, the UK Financial Conduct Authority (FCA) finalized its Guide to Encrypted Assets, which clarified which tokens belonged to its jurisdiction. Most of the rules issued on Wednesday were presented in Consultation Paper CP19, which was released in January this year for public comment. As is widely expected, the final guide does not completely change the regulatory landscape, but rather clarifies when certain types of cryptographic assets belong to existing categories. FCA said the consultation received a total of about 92 responses from various companies, including banks, industry associations and cryptographic exchanges, and most respondents supported the proposals. The agency said: "Any token that is not a securities token or an electronic currency token is unregulated. However, market participants should be aware that certain token-using activities may still be regulated."