UK Legal Framework for Crypto Takes Shape With Draft Legislation and Three New FCA Consultations | Skadden, Arps, Slate, Meagher & Flom LLP
Executive Summary
- What’s new: HM Treasury presented a detailed proposal for the regulation of cryptoassets for Parliament’s approval, and the FCA launched three consultations on proposed rules governing three critical areas: cryptoasset activities; admissions, disclosures and market abuse; and a prudential structure for cryptoasset firms.
- Why it matters: The proposals set out more detail of the evolving legal framework for cryptoassets in the UK, providing more certainty for those who operate in this sphere.
- What to do next: Firms should consider submitting comments as part of the consultation process, and monitor the outcome of the consultations.
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The UK’s cryptoasset regulatory framework continues to take…
