【英国财政部_HM_Treasury_】2024加密货币未来的金融服务监管制度研究报告_94页_855kb

October 2023 Future Financial Services Regulatory Regime for Cryptoassets Response to Consultation and Call for Evidence

• Crown Copyright 2023
• Overview of five major themes: financial services activities, cryptoassets as specified investments, DeFi, cryptoasset regulation, and sustainability.

Activity Outline

1. Activity 1

• Regulating cryptoasset activities
• Including cryptoassets in specified investments list
• Avoiding overlap with existing regimes

2. Activity 2

• Territorial scope
• Includes UK-regulated cryptoasset custody activities
• This activity involves making and keeping public offers

3. Activity 3

• Includes investing in cryptoassets, funding, etc.
• Limited current activity, but regulated in phase 2
• Carries consumer protection risks

4. Activity 4

• The activity involves the staking of cryptoassets

5. Activity 5

• Includes the operation and management of cryptoasset lending platforms

Key elements to cover in your response:

1. High-level sentiment on the proposed regulatory framework

• Around 80% of responses supported overall intent
• Most supportive of framework for traditional and unbacked cryptoassets to be regulated

2. Definition of cryptoassets and legislative approach

• Broad definition to capture existing cryptoassets plus potential future types
• Specific treatment for NFTs and utility tokens
• Exclusions from specified investment regime to avoid overlapping regulations

3. Delineation between phase 1 and phase 2

• Phase 1 (priority): regulating fiat-backed stablecoins used for payments
• Phase 2: broader activities including cryptoasset custody, lending, staking, etc.

4. Regulatory outcomes for issuing cryptoassets and disclosures

• Trigger points: admitting cryptoassets to trading venues, making public offers
• Venue responsibility for defining content requirements

5. Territorial scope and jurisdictional challenges

• Includes activities directed from within or outside the UK to persons in the UK

6. Definition of cryptoasset trading venues and trading protocols

• Includes roles in market abuse surveillance and other core operations

7. Staking activities

• Differentiated treatment based on the current markets and risks
• Exploratory work ongoing to establish clear regulatory framework for staking

8. Sustainability requirements for cryptoasset activities

• Mandatory sustainability disclosures will be introduced
• Framework to be developed based on internationally agreed standards

Activities to be addressed in future chapters:

• Cryptoasset intermediation
• Operations of cryptoasset trading venues
• Cryptoasset custody services

Key themes from feedback:

• Need for international coordination on definitions
• Four-week deadline for financial promotion regime
• Risk of cost being higher for SMEs under new regimes