<![CDATA[<figure class="image"><img src="https://cimg.co/news/126335/333615/adobestock-ascannio-1-med.jpeg" srcset="https://cimg.co/news/126335/333615/responsive-images/adobestock-ascannio-1-med___media_library_original_5000_3334.jpeg 5000w, https://cimg.co/news/126335/333615/responsive-images/adobestock-ascannio-1-med___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/126335/333615/responsive-images/adobestock-ascannio-1-med___media_library_original_900_600.jpeg 900w, https://cimg.co/news/126335/333615/responsive-images/adobestock-ascannio-1-med___media_library_original_720_480.jpeg 720w, https://cimg.co/news/126335/333615/responsive-images/adobestock-ascannio-1-med___media_library_original_600_400.jpeg 600w, https://cimg.co/news/126335/333615/responsive-images/adobestock-ascannio-1-med___media_library_original_300_200.jpeg 300w" width="5000" class="content-img" alt=""><figcaption>Source: AdobeStock / Ascannio</figcaption></figure>The&nbsp;Financial Conduct Authority (FCA), the regulatory body overseeing the financial sector in the UK, is close to completing of a blueprint for fund tokenization.In&nbsp;<a href="https://www.fca.org.uk/news/speeches/updating-and-improving-uk-regime-asset-management-our-priorities">a recent speech</a>, FCA Chair&nbsp;Ashley Alder&nbsp;revealed that the FCA has been collaborating with the Technology Working Group to develop this blueprint, which aims to leverage distributed ledger technology (DLT) for fully digitized funds."We&rsquo;ve been working with the Technology Working Group, which sits under the Treasury&rsquo;s Asset Management Taskforce, on a blueprint for fund tokenisation," he said.&nbsp;<blockquote>"The working group will publish this later in the year."</blockquote>Back in February, the FCA published a discussion paper focusing on enhancing the asset management regime in the country.&nbsp;Within the paper, it explored the potential adoption of DLT by fund managers to offer digitized funds to the public.Alder highlighted the ongoing engagement between the FCA and firms and trade associations regarding proposals for fund tokenization, signaling the regulator's commitment to gathering input and considering necessary rule changes.Fund tokenization involves the issuance of digital tokens that represent ownership interests in a fund, utilizing DLT for transparency and efficiency.&nbsp;By using this technology, they aim to streamline the process of managing and investing in funds, providing enhanced accessibility and liquidity for investors.<blockquote>"Many firms see use cases for distributed ledger technology (DLT), even if direct marketing of tokens may be some time off. So, we&rsquo;ve already held a tech-sprint with the industry to test policy initiatives and the rule changes needed to support work on fund tokenisation."</blockquote><h2 id="uk-s-new-crypto-regulations-come-into-effect">UK's New Crypto Regulations Come into Effect</h2>Last week, the FCA implemented some new rules pertaining to digital assets, which require crypto firms to register with the financial regulator and have their marketing materials approved by an FCA-authorized firm.Key updates include exchanges providing clear warnings to customers about the risks associated with crypto investments.&nbsp;Marketing materials must be fair, transparent, and not misleading. Additionally, a 24-hour cooling-off period for new customers is required.While the FCA extended the deadline for implementing technically challenging features like the cooling-off period until January 2024, firms are expected to adhere to the "core rules" from October 8.As&nbsp;<a href="https://cryptonews.com/news/crypto-exchanges-adapt-coinbase-revolut-binance-update-apps-for-uk-regulations-heres-latest.htm">reported</a>, leading crypto exchanges&nbsp;<a href="https://cryptonews.com/reviews/coinbase/">Coinbase</a>, Revolut, and&nbsp;<a href="https://cryptonews.com/reviews/binance/">Binance</a>&nbsp;have updated their mobile and web applications to comply with the new regulations.Coinbase and Revolut informed their customers via email about the changes, which included the addition of "risk disclaimers" for crypto transactions. Users were also requested to update their mobile applications accordingly.Binance, on the other hand, launched a dedicated webpage specifically for its UK customers.&nbsp;The exchange temporarily halted operations through its mobile app but later resumed, assuring its British users of compliance with the new regulations.
]]>

UK FCA's Blueprint for Fund Tokenization Nearing Completion

Table of Contents

Cryptonews.com

Other articles published on Oct 13, 2023

$CANTO Price Breaks $0.24, Up 16.74% Over the Last 24 Hours

Is Friend.tech Really a Sustainable Platform?

Bitcoin price gets new $25K target as SEC decision day boosts GBTC

This Altcoin Diverged Positively from the Market with its 30 Percent Rise! Is South Korea the Sou...

EOS (EOS) Price Prediction 2024, 2025, 2030, 2040, and 2050

‘I liked him; I trusted him’: Anthony Scaramucci describes being taken in by Sam Bankman-Fried

Join our free newsletter for daily crypto updates!