the The regulators of most countries are still in search of the correct use of Bitcoin & co. In the UK, the competent financial Supervisory authority, the FCA has now launched a public consultation, the enterprises and citizens the opportunity to Express their views on a possible regulation. The authority expanded their crypto-horizon as well as existing regulatory and taxation approaches.
By Phillip Horch
23. January 2019BTC$3.569,42 -0.04%part Facebook Twitter LinkedIn xing mail
The publication of the “Guidance on crypto assets” (dt.: Instructions for crypto-Assets), aims to help companies to understand whether their activities with Bitcoin and the likes, fall under the FCA regulation. According to the press release, the ECHO is BTC, to understand the company’s then
“better, whether you need an authorization, and to ensure [ … ] that they comply with the regulations and appropriate consumer protection measures.”
Ultimately, it is the British financial Supervisory authority to the effect to consumer protection and to have a better Overview of the cryptographic activities. It is said by the head of the authority,Christopher Woolard:
“This [the Bitcoin Ecosystem] is a small, but growing market, and we want both industry and the consumer know what is regulated and what is not. This is of crucial importance when it comes to that, the consumers know which protection you benefit from. We want to also ensure that the market works as it is supposed to work.“
Accurate classification of Bitcoin into existing regulation is not possible
However, it is said in the message, it is not possible at the moment, Bitcoin & co. under the existing legislation to classify. Because they are part of – just in terms of losses in Trading are not always compatible with the rules. The current approach of the financial supervision authority follows a publication from October 2018, the UK cryptographic task force made already a distinction between crypto-Assets as crypto-currencies (Bitcoin & Litecoin) as well as Security Token and Utility Token.
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financial supervision citizens and businesses provides 10 questions on the regulation of crypto-currencies
Now, the authority asked the British companies and citizens up to the 5. April 2019 – the consultation is, therefore, a total of ten weeks. The survey contains a total of ten questions:
don’t you agree that the Exchange tokens are considered as specific investment, and not in the regulatory framework of the FCA fall? If not, please explain why.You are with our assessment agrees that the Security Token can be categorized as a particular investment or financial instrument? If not, please explain why.Do you agree with our assessment of Utility Token? If not, please explain why.Are you using our evaluation agree that it is possible to use the Exchange Token for the facilitation of regulated payments?There are other use cases of crypto-Assets that are used to facilitate payments where more instructions of an advantage could that be? If Yes, please specify what these are.You are with our evaluation of the Stable Coins in terms of the delimitation agreement?Cover all the above sections are the main types of business models and tokens there are on the market?There are other important tokens, or models, we have not taken into account?There are other important market participants, which is part of the value chain of the crypto-Asset market-to-market?Market participants in the crypto-Asset market activities, which can not be classified as traditional securities?
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Thus, the government wants to expand in the United Kingdom, apparently, also their guidelines on the taxation of Bitcoin, Ethereum and co., which they issued in December of last year. There she was oriented to the taxation of security’s and transfer these currencies to Crypto.
