The RCA Briefing — Issue 0040

18 Aug 2026

Transparency Index methodology, published

1. 01 · The Policy Shift

   UK FSMA cryptoasset-activities design remains a consultation-grade source

   HM Treasury and FCA materials on the future FSMA perimeter are active, but RCA will not describe UK firms as FSMA-authorised for cryptoasset issuance or custody until commencement and an authorisation record exist.

2. 02 · Why It Matters

   Practical impact

   Index methodology is a public constraint on the desk. If we cannot point to a source, we cannot score the field. Issuers cannot buy a higher score; a commercial relationship cannot move a field from 'unverified' to 'verified'.

3. 03 · Issuer Watch

   Registered tokenised funds remain the high-water mark for public files

   BlackRock BUIDL and Franklin Templeton's on-chain government money fund continue to produce prospectus-grade artefacts plus a named transfer-agent / tokenisation stack. That is the comparison set for private-market names, not a generic 'RWA' peer group.

   Open BlackRock BUIDL in the registry

4. 04 · Data Watch

   Index fields freeze eight questions, four coverage labels, no safety colour

   Entity, control, rights, valuation, custody, transfer, contract administration, disclosure history. Labels: limited, fragmented, developing, strong. Explicitly not a credit, compliance or investment score.

5. 05 · The Source

   HM Treasury future FSMA cryptoasset regime

   Tier 1ConsultationUK

   HM Treasury — future financial services regulatory regime for cryptoassets

   HM Treasury/26 Oct 2023/RCA review 22 Aug 2026

   Proves

   The UK government's proposed approach to bringing cryptoasset activities inside FSMA, alongside existing MLR registration and promotions rules.

   Does not prove

   Final perimeter, commencement dates, or how any named firm will be authorised.