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Converting fiat money into cryptoassets over a blockchain: what new laws and regulations are required?
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When real money is converted into cryptocurrencies, such transactions do not fit into established financial services regulation. This is the case whether analysing the UK, Sweden, Singapore or any other leading FinTech jurisdiction. After clarifying the difference between fiat money and cryptoassets, this article explains why distributed ledger technology (DLT) does not fit into existing regulations, such as MiFID governing trading venues. Nor do other existing financial regulations sufficiently protect consumers. Alternative solutions are proposed in the form of new financial services law focused on crypto exchanges, DLT and wallet providers.
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