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 (NFT) if they are being used for financial services such as lending, payments or investment.
Source: https://www.coindesk.com/policy/2023/02/01/uk-crypto-firms-to-get-broad-laws-may-need-new-authorization/?utm_medium=referral&utm_source=rss&utm_campaign=headlines