NFT issuance may require registration! UK Treasury: Develop a system within 6 months to prevent cryptocurrency

The British government has been working to improve the regulatory framework for cryptocurrencies over the past year. At the end of June last year, the Financial Services and Markets Act 2023 was passed, bringing crypto assets into the scope of financial supervision. Subsequently, at the end of October last year, a new cryptocurrency regulatory policy was launched, further confirming plans to strengthen the supervision of crypto assets.

According to Bloomberg, the British government is actively considering formulating new regulations for stablecoins and crypto asset pledge services, which are expected to be submitted to lawmakers for review and approval within the next six months.

NFT issuance may require registration

According to the latest advisory opinion of the Ministry of Finance, cryptocurrency companies may be banned even if they only issue non-fungible tokens (NFT) instead of providing traditional financial services. Registration with the Financial Conduct Authority (FCA) is required. This initiative aims to strengthen monitoring mechanisms for money laundering and counter-terrorism financing to ensure the safety and transparency of the financial system.

Currently, all cryptocurrency exchanges and custody service providers are required to register with the FCA to comply with UK regulatory requirements. This initiative is intended to enhance oversight of sources of money laundering and terrorism financing and ensure compliance. As new systems are established and implemented, these regulations will gradually become industry standardized procedures.

However, according to the latest consultation results, some crypto-assets that are not involved in traditional financial services, such as art NFTs, may be regarded as assets outside the current regulatory scope.

In fact, when the British "Financial Services and Markets Act" was passed last year, the British government stated that NFT was "not suitable for regulation as a financial service." Only when NFT is used for regulated financial activities, can it be regulated? will be included in the financial services system. The British government hopes to collect responses to the proposed system before June 9. In the document, they stated: As the industry continues to develop, the number of companies that may need to register may increase!

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