The FSMA Regime refers to the regulatory framework established by the Financial Services and Markets Act in the United Kingdom. This legislation governs financial services and markets, granting powers to regulatory bodies like the Financial Conduct Authority. Its purpose involves maintaining market integrity, protecting consumers, and promoting competition within the financial sector. The regime provides a legal foundation for supervising financial firms.
Context
The application of the FSMA Regime to crypto assets and related services is a prominent topic in UK financial news. Regulators are presently assessing how existing laws apply to novel digital asset activities and where new legislation may be required. Market participants closely watch for clarifications on the classification of crypto assets and the licensing requirements for digital asset businesses operating under this framework.
The UK's legislative move mandates all crypto exchanges and custodians integrate into the FSMA framework, elevating operational resilience and consumer protection requirements.
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