According to the plan of the Financial Conduct Agency (FCA) of Great Britain for 2018/2019, it, intends to publish a report on crypto-currencies together with the UK Treasury and the Bank of England.
Technology plays a pivotal role in delivering financial products and services. It enables firms’ innovation (see the Innovation, big data, technology and competition crosssector theme) and supports their business strategies. New technologies can lead to harm if they are not safely adopted and managed. For example, new technologies such as distributed ledger (blockchain) and artificial intelligence rely on access to sensitive and high quality data. But new technologies present opportunities for helping firms to meet Know Your Customer or anti-money laundering requirements more efficiently.
FCA Business Plan
The "key activity" of the innovative FCA program will be directed, among other things, to crypto-currencies - FCA plans to assist the companies with regulatory recommendations, as well as to keep up with new market trends such as "ICO and distributed registry technology."
The FCA report also says that the cryptocurrencies themselves do not fall under their jurisdiction, but some models of using cryptocurrency packaged in other financial instruments fall under it, which makes the overall landscape more complicated.
FCA also notes that it has already begun to regulate work with cryptocurrency derivatives, including futures, contracts for price differences and options.
Agency will continue to monitor parameters such as the number of new entry points to the market and the emergence of new innovative products to understand whether fintech can help "improve competition for the benefit of customers.