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UK crypto proposed regulation leads to another overall crypto downturn.

Crypto Prices Drop As UK Seeks to Regulate Digital Tokens

Crypto Prices Drop As UK Seeks to Regulate Digital Tokens

Investing.com  | Jan 28, 2019 01:41AM ET

Investing.com - Bitcoin and other major digital coin prices dropped on Monday in Asia as the U.K. rolled out a proposed regulatory framework on crypto assets and Malta warned of a global scam involving Bitcoin.

Last week, the U.K.’s Financial Conduct Authority (FCA) released a consultation paper to “provide regulatory clarity” on how crypto assets could be classified.

“This consultation paper is the next step in the FCA’s work on crypto assets and sets out details on where different types of crypto assets might fall in the regulatory perimeter,” the FCA said.

According to the agency, digital tokens are likely to be classified as “Specified Investments” under the Regulated Activities Order, “Financial Instruments” under the Markets in Financial Instruments Directive II, “E-Money” under the E-money Regulations, or captured under the Payment Services Regulations.

Firms issuing, trading, marketing and holding crypto assets should read the paper and provide comments to the agency. The consultation period will end on April 5.

In the meantime, the U.K. has been stepping up scrutiny in the crypto space. Last December, the U.K. tax collection service issued its first detailed tax legislation for cryptocurrency investors.

Affected by the news, lost 3.2% to $3,458.8 by 1:19 AM ET (06:19 GMT).

Other digital coins went down the same track. slumped 6.9% to $107.83, was down 5.0% to $ 0.29712, and shed 4.7% to $31.226.

In other news, Malta’s Financial Services Authority warned against “Bitcoin Revolution,” calling it a typical get-rich-quick scam that operates through a few ...

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