Legislation to bring UK crypto activity within regulatory perimeter published
MLex: Draft legislation that seeks to define cryptoassets and stablecoins (and to bring certain activities related to them within the regulatory perimeter) has been published by the UK finance ministry. The legislation covers stablecoin issuance, as well as cryptoasset custody, trading and staking. Under the future regulatory regime, crypto providers that want to offer regulated products or services to UK consumers will have to be authorised by the Financial Consuct Authority (FCA), but ‘truly decentralised’ firms have been exempted from authorisation.