FIA EPTA fully supports the development of a robust framework for the regulation of cryptoassets in the UK. We consider that the future success of the new regime lies in clear and well-defined rules. We welcome that the proposed legislation builds on and supplements the existing UK framework for regulating financial services, including that firms within scope of the new regime will be treated in a similar manner to firms that are already subject to the existing regulatory regime in the UK, also with respect to compliance with regulatory requirements and applicable exclusions to those requirements.
In this regard, the association does not consider there to be an obvious policy reason for the distinction between dealing as principal and dealing as agent in qualifying cryptoassets. Consequently, FIA EPTA calls for the group exclusion under the Draft SI to be applied to all equivalent activities under the UK Regulated Activities Order (RAO).
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