This overview is a guide to the Financial Services content within the Cryptoassets subtopic, with links to appropriate materials.
One of the hurdles in relation to understanding non-traditional currencies and assets lies in the inconsistent use of language. Regulators and tax authorities, as well as commentators, refer variously to digital currencies, virtual currencies, cryptocurrencies, and crypto tokens, and it is not always clear whether they are using the terms interchangeably or with the specific meaning of each in mind. The definitions used in the Cryptoassets subtopic largely derive from the European Securities and Markets Authority’s (ESMA) Securities and Markets Stakeholder Group’s (SMSG) October 2018 Own Initiative Report on Initial Coin Offerings and cryptoassets (the SMSG Own Initiative Report) and the UK Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs 2017) (as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 (MLRs 2019)). For more information about these concepts and definitions, see Practice Note: Web 3.0, digital assets and cryptoassets—essentials.
Even though certain cryptoassets may function like money,
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