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“Proportionate and focused,” meaning they will focus attention on “where the risks and opportunities are most urgent or acute” and will do their best to avoid “disproportionate or overly burdensome regulation” to crypto entities. The report said that “developing a fully bespoke regime outside of the FSMA framework was also considered,” but they decided against it as this would create a “level playing field” between crypto and traditional financial services firms, would violate the “same risk, same regulatory outcome” principle, and would likely create “overlapping regulatory regimes and confusion for market participants.”
A key provision in the report is a new distinction between “stablecoins,” which under the new regime would include only those tokens fully backed by their underlying fiat currency, and so-called “algorithmic stablecoins” which, while not illegal as in many other jurisdictions, would not be classified as stablecoins and would be forbidden from using “stable” in their marketing or documentation.
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