Bitcoin is not a generic cryptoasset and “Same risk, same regulation” only works if you look at the risk.

Bitcoin has:
- no company
- no insider allocation
- no one who can change the supply

Many of the tokens sitting beside it in the FCA’s cryptoasset rulebook have all three.

In addition, classifying Bitcoin as a Restricted Mass Market Investment brings warnings, appropriateness tests and cooling-off periods built for products with promoters and issuers … Bitcoin has neither.

If the risks are different, the rules should be too.

See our open letter to the FCA, explaining why “same risk, same regulation” should work both ways.