The new regime has a broad scope in terms of geography, crypto types, and activities. Foreign trading venues could be forced to set up a subsidiary in the country given their “critical role in the crypto asset value chain,” the document said. It would also apply to utility tokens and non-fungible tokens (NFTs) if they are being used for financial services such as lending, payments or investment.
UK Plans to Mandate New Authorization for All Crypto Firms – Including Those Registered
