UK cryptoasset registration

Cryptoassets are described by HMRC as cryptographically secured digital representations of value or contractual rights that use some type of distributed ledger technology (DLT) and can be electronically transferred, stored and traded. The distributed ledger technology (DLT) like blockchain, are not issued or backed by a central bank or other authority. Hence, the HMRC does not consider cryptoassets to be currency or money. Moreover, cryptoassets are considered very high risk, speculative investments. Cryptoassets are called by several names like exchange tokens, cryptocurrencies, cryptocoins, or payment tokens as; they intend to use it as a method [...]

REP018 Operational and Security risk

The New Operational and Security Risk Assessments Guidelines by FCA: What Does It Mean To Payment and E-Money Services? In June 2018, FCA published its proposal Approach on how payment service providers (PSPs) should provide operational and security risk assessment to FCA annually under SUP 16.13.15. The FCA published this policy after EBA had already prepared its final guidelines December 12th last year. Since then the FCA has had the opportunity to publish the final guidelines, but they finally did [...]

Open Banking in the UK

Open Banking aims to increase the number of companies that can offer financial services and to enable them to build entirely new ways to manage your money. It was created, in 2016, by the Competition & Markets Authority and the UK’s nine largest providers of personal and business current accounts to change the market for retail banking forever. It aims to do that by creating a single standard which regulated and authorised companies can use to access accounts held by a [...]