The UK's Financial Conduct Authority will become the anti-money laundering supervisor for crypto-asset businesses on 10 January next year.

Its responsibility for crypto-asset businesses will be limited to AML registration and supervision and will not extend to the ways in which they ought to conduct business with consumers. The regulator will authorise some businesses that deal in crypto-assets in accordance with the Financial Services and Markets Act 2000 for activities that have nothing to do with crypto-assets.

The FCA has written: "Any crypto-asset-related activity carried on by these businesses will not be covered by [the] FSMA or other regulations like the Electronic Money Regulations (unless they are using security tokens or e-money tokens). Consequently, consumers will not have the same protections in relation to crypto-asset activity (e.g. exchanging crypto-assets for government or central bank issued [sic] money, such as UK pound sterling or euros). We expect crypto-asset businesses to ensure that they do not mislead their consumers as to what consumer protections apply and the status of their FCA registration."

For a discussion of the types of crypto-asset that the FCA might regulate in accordance with its "Principles for Business," click here.