The guidance says crypto assets claiming to be backed by a commodity will need to prove this. Firms can provide the evidence through disclosures, independent audits and proof of deposits, the FCA said. The industry will need to “demonstrate that claims of stability, such as links to a fiat currency, are bona fide,” according to the document.
Does the SAB 121 Vote Mean Anything for Future Crypto Legislation?
Unfortunately however, the legislative measure is now heading to the desk of President Joseph Biden, who has vowed to veto...