Key takeaways from the paper

• The FCA has built a comprehensive and robust activities based regulatory framework for cryptoassets and stablecoins that will help to advance market standards, resilience, trust and consumer protections.
• The FCA and Prudential Regulation Authority (PRA) will need to work together closely at pace to ensure licensed financial institutions can operate regulated crypto product and services via Variation of Permission (VoP) applications.
• There has been some move away from the ‘same risk, same regulatory outcome’ principle in respect of the detailed prudential and conduct based requirements.