Revenue In-game currencies with the FCA and comply with the The TFR imposes requirements similar Money Laundering, Terrorist Financing to the UK’s Travel Rule. Most NFTs and Transfer of Funds (Information on are likely to be outside the scope the Payer) Regulations 2017 (MLRs), of MiCA and TFR. including the Travel Rule (which requires the collection, verification Enter player two: future and sharing of information about UK regulatory regime cryptoassets transfers). for cryptoassets The UK government’s plans for Distributing games in the EU a broader regulatory regime In the EU, the Markets in Crypto- for cryptoassets is broken down assets Regulation (MiCA) and the into two stages, phase one and Transfer of Funds Regulation (TFR) phase two, and supports its were published in the European strategic aim to be known as a Official Journal on 9 June 2023. MiCA global hub for cryptoasset will come into force on 30 December technology and investment. 2024, although the rules relating to electronic-money tokens and asset- Phase one developments referenced tokens (stablecoins) come Phase one focuses on bringing into force on 30 June 2024, and the fiat-backed stablecoins within the TFR comes into force in January 2025. regulatory perimeter. As noted MiCA introduces a broad regulatory above, stablecoins currently remain framework for cryptoassets in the unregulated but are the immediate EU which, among other things, point of focus for the regulators and introduces a licensing regime for the government, which is aiming cryptoasset service providers to introduce legislation in 2024, and issuers of tokens, regulates subject to Parliamentary time, to be the issuance of, and admission to supplemented by regulatory rules trading of, cryptoassets, including and guidance. transparency and disclosure requirements and creates a market abuse and insider dealing regime. 69