In a policy statement aimed at professional advisors and investment managers, the UK's Financial Conduct Authority has set out its thoughts about the kinds of crypto-asset that may or may not fall inside its 'regulatory perimeter.'

The paper does not mention a single rule, with the exception of various 'principles for business' to be found in the PRIN sub-rulebook. It looks at the following.

• Exchange tokens. These are not issued or backed by any central authority and are intended and designed to be used as a means of exchange. They tend to be a 'decentralised' (an undefined term that may mean 'not issued centrally') way of buying and selling goods and services without traditional intermediaries. These tokens do not usually fall into the FCA's purview.
• Utility tokens. These grant their holders access to current or prospective productor services but do not grant them rights that are the same as those granted by 'specified investments' (see below). Although utility tokens are not specified investments, they might deserve to be defined as e-money in some circumstances (as might other tokens). In this case, according to the FCA, activities involving them 'may' be regulated.
• Security tokens. These provide rights and obligations akin to specified investments. They are regulated.

'Specified investments' are a group of investments enumerated in Part III Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. This category includes deposits, contracts of insurance, shares, instruments creating or acknowledging indebtedness, government and public securities, warrants and other instruments that entitle their holders to investments, certificates representing certain securities, units in collective investment schemes, rights to do with 'stakeholder pension' schemes, futures, contracts for differences or CFDs, Lloyd’s syndicate capacity and syndicate membership, funeral plan contracts, regulated mortgage contracts and rights to (or interests in) investments.

The paper claims to represent 'final guidance.'