Guidance on #Cryptoassets
Feedback and Final Guidance to CP 19/3
Can cryptoassets be used to facilitate regulated payments
services? (Page 39)
• Sandbox case study 1. Unregulated tokens can be used to facilitate cross-border payments which are regulated by the FCA such as money remittance services
and this business model has been tested in our regulatory sandbox.
only used as an intermediary with the aim to make fiat cross-border transfers faster and cheaper.
The firm held cash reserves to cover the full amount of any retail transfer.
Exchange tokens are used in a way similar to traditional fiat currency. However, while exchange tokens can be used as a means of exchange, they are not currently recognised as legal tender in the UK, and they are not considered to be a currency or money.