UK financial watchdog finally decides which cryptocurrencies it wants to regulate

The Financial Conduct Authority (FCA), the regulatory body tasked with overseeing the country’s financial markets, has clarified its stance on crypto assets, stating which tokens it’s responsible for.

Today’s policy statement is a response to a consultation paper published by the FCA in January, which prompted 92 responses from several financial services entities, including cryptocurrency exchanges, trade associations, and banks. Most responses supported its original proposals, the regulator said.

“Following our consultation, we are proceeding with the guidance that was consulted on, with some drafting changes to improve clarity based on responses. This includes reframing our taxonomy of cryptoassets to help market participants better understand whether tokens are regulated, and where they fall outside our remit,” the report reads.

The FCA’s latest policy provides several important clarifications and…