The GDF MEA Working Group responded to the FSRA Consultation Paper on Proposed Amendments to the Digital Assets Regulatory Framework.
The input to this response was been curated through a series of member discussions and industry engagement. Through this process GDF members identified key areas that we believe the FSRA should consider as they move forward to develop a regulatory regime for digital assets The core areas identified were:
1. We welcome the introduction of self-assessment for approval of virtual assets (VAs), and would support additional clarifying guidance as well;
2. We believe that allowing custodians to hold any VAs (not only approved VAs) would encourage overall ecosystem growth as well as that of the custodial industry; and
3. We would urge further consideration of the treatment of foreign fiat referenced tokens (FRTs) and encourage the FSRA to enable the same self-assessment requirements for foreign FRTs as they do for VAs.