According to Golden Finance, James Kemp, Managing Director of Technology and Operations of the Association for Financial Markets in Europe (AFME), commented on the previous consultation between the UK FCA and the Bank of England on the regulatory approach to stablecoins. He said: The UK plans to include stablecoins in the regulatory scope, which is a positive step towards creating a safe and sound system for crypto assets and enhancing confidence in DLT-based capital markets. However, AFME expressed concerns about the design of multiple proposed rules, which in their current form will have a negative impact on wholesale markets and participants. The FCA discussion paper is not only about regulating stablecoins, it also proposes rules to strengthen the custody of other types of crypto assets, including crypto assets that currently meet the definition of specific investments. These instruments, including security tokens, are essentially securities and should be treated as securities throughout their life cycle. In order to maintain market function, it is important that they should not be subject to the separate regulatory treatment and regulatory geographical scope proposed by the FCA.

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