The FCA’s new guidance outlines which crypto activities may require authorization as firms prepare for the UK’s incoming digital asset regulatory regime. The UK Financial Conduct Authority has issued final guidance outlining when crypto activities may require authorization under the country’s incoming regulatory regime. The guidance covers activities such as issuing qualifying stablecoins, operating crypto trading platforms, dealing and arranging transactions, safeguarding cryptoassets and arranging crypto staking. It is intended to help firms determine whether their activities fall within the regulatory perimeter and which permissions they will need to operate under the new framework. Existing registrations and permissions will not automatically convert under the new regime, meaning firms will need to determine whether they require FCA authorization or a variation of permission. Read more
A bipartisan House committee vote advanced legislation that would reshape federal tax rules for stablecoins, staking, crypto lending and digital asset transactions. The US House Ways and Means Committee passed the Digital Asset Tax Certainty Act with bipartisan support on Wednesday, advancing legislation aimed at reshaping the federal tax treatment of digital assets. The bill advanced in a 38-5 vote and covers stablecoins, mining and staking, digital asset lending, transaction fees and other crypto-related activity. Among its provisions, the bill would establish special tax treatment for qualifying dollar-pegged stablecoins and certain crypto lending agreements, extend wash-sale rules to widely traded digital assets and establish new rules for mining and staking income. Read more