The financial conduct authority UK (FCA) published a consultation document on scriptactive and invited the public to provide comments on it until April 5. The final manual should be submitted this summer.

According to the document, crypto-currencies are divided into three categories: “exchange tokens”, security tokens, and utility tokens. This classification, according to the regulator, should help companies and users to define, whether there is a defined activity with cryptocurrency in the legal field.

The first category, “exchange tokens” cannot be released or be controlled by a centralized authority, does not apply to the investment objects and is designed to exchange transactions, purchase and sale of goods and services without the traditional intermediaries. These tokens are not regulated by the FCA and are not recognised in the UK tender.

On security-tokens meet the requirements of the law on financial services and markets, in particular Chapter 3 and the EU Directive “O markets in financial instruments” (MiFID II). Such tokens are treated as securities, and their issuance procedure must pass the appropriate FCA.

Utility-tokens do not have characteristics of securities, but under certain conditions can meet the requirements of the law on financial services and markets and play the role of electronic money. They give their holders access to current or anticipated products, but do not provide the rights specified in the law.

Recall that on 1 January the FCA conducted an investigation into the relationship 18 cryptomery working without the appropriate licenses. In November last year under investigation by the FCA were more than fifty cryptomery, however, 49 firms were closed, and 39 of them got off with warnings.