Cryptoasset promotions Consultation
The UK government is consulting on a proposal to bring certain cryptoassets into the scope of financial promotions regulations.
FintechUK intends to provide a response. If you would like to join our industry response, please contact us at hello@fintechuk.com with your full contact details. We'll be in touch on a plan for the response. This consultation closes at 12:15am on 26 October 2020.
We'll use the definition in the Consultation Paper as a baseline for the response, however as definitions are key to everything, responses on the definition are very welcome:
"There is no single, widely-agreed definition of a cryptoasset. Broadly, a cryptoasset is a cryptographically secured digital representation of value or contractual rights that uses some type of distributed ledger technology (DLT) and can be transferred, stored or traded electronically. This is the approach taken to defining cryptoassets for the purposes of the UK’s Money Laundering and Terrorist Financing regulations ,and is the basis of a definition developed below. Examples of cryptoassets include Bitcoin and Ethereum. The market is constantly evolving, with new and different cryptoassets being developed."
Documents
Cryptoasset promotions: consultation PDF, 246KB, 27 pages
Consultation responses on Cryptoasset promotions: form Word Document
Further Reading: https://www.gov.uk/government/consultations/cryptoasset-promotions
FintechUK intends to provide a response. If you would like to join our industry response, please contact us at hello@fintechuk.com with your full contact details. We'll be in touch on a plan for the response. This consultation closes at 12:15am on 26 October 2020.
We'll use the definition in the Consultation Paper as a baseline for the response, however as definitions are key to everything, responses on the definition are very welcome:
"There is no single, widely-agreed definition of a cryptoasset. Broadly, a cryptoasset is a cryptographically secured digital representation of value or contractual rights that uses some type of distributed ledger technology (DLT) and can be transferred, stored or traded electronically. This is the approach taken to defining cryptoassets for the purposes of the UK’s Money Laundering and Terrorist Financing regulations ,and is the basis of a definition developed below. Examples of cryptoassets include Bitcoin and Ethereum. The market is constantly evolving, with new and different cryptoassets being developed."
Documents
Cryptoasset promotions: consultation PDF, 246KB, 27 pages
Consultation responses on Cryptoasset promotions: form Word Document
Further Reading: https://www.gov.uk/government/consultations/cryptoasset-promotions
