![]() ![]() In this light, it becomes notable that several of the references to its policy of tech-neutrality have not been included in the Final Guidance. Given the FCA's continued focus on promoting and enabling a progressive and competitive financial ecosystem in the UK, it has been reluctant to make rules that would seem to favour the traditional technology used by incumbent financial institutions ahead of new developments which might, in the long run, enable better outcomes for commercial parties and consumers. An ancillary, but important, issue with which the FCA has had to contend concerns the extent to which the use of blockchain technology per se ought to influence its exercise of its authority. The occasions on which cryptoassets, meaning financial or other property which are created or distributed on a 'blockchain', fall within the regulatory perimeter of the FCA have been subject to intense speculation. This article explores three reasons why the policy may no longer be tenable.īackground to tech-neutrality in financial regulation In the Final Guidance, however, several references to tech-neutrality were erased, and those which remained did not directly concern the FCA's mandate or its enforcement policies. This commitment was made in the interim guidance issued in January 2019. Tech-neutrality is a policy position that the regulatory perimeter and treatment of financial products and activities is unaffected by the technological medium through which the product is offered or activity takes place. An ambiguity which the Final Guidance has caused concerns the FCA's previously explicit policy of 'technological neutrality'. On 30 July 2019 the Financial Conduct Authority (FCA) issued its Final Guidance on its approach to cryptoassets. ![]()
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