Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 201

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 201
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, alleging, among other claims, that Kraken’s crypto trading platform was operating as an unregistered securities exchange, broker, dealer and clearing agency, which the SEC agreed to dismiss on March3, 2025. Additionally, individual states have the ability to file similar lawsuits on the grounds of violations of state securities laws. For example, the Oregon state attorney general filed a lawsuit against Coinbase, Inc. in April 2025, for alleged violations of Oregon state securities law, and there have been similar claims against other digital asset industry participants at a state level. •Firms engaging in crypto -assetactivities in the U.K. must currently be registered with the Financial Conduct Authority (the “ FCA”) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“ MLRs”), and are subject to various requirements and obligations as a result. The marketing of digital assets is also restricted and may only be conducted by firms that are authorized by the FCA or registered under the MLRs. The FCA has also introduced rules prohibiting the marketing and sale of derivatives and exchange -tradednotes that reference certain types of digital assets to retail customers in the UK, although it now plans to remove the ban on the marketing and sale of exchange -tradednotes. The UK regulatory framework for digital assets continues to evolve rapidly, and firms operating in this space face an increasingly complex and restrictive compliance landscape. The FSMA 2023 established a framework to bring certain crypto -assetactivities, including issuance and trading, within the UK’s financial regulatory perimeter. Detailed rules relating to the regime are still under consultation by His Majesty’s Treasury and the FCA. In April 2025, His Majesty’s Treasury published draft legislation to bring a wide range of crypto -assetactivities within the scope of the UK’s regulatory perimeter, including operating a crypto -assettrading venue, providing custody services and dealing in digital assets. The FCA is also consulting on various elements of its forthcoming crypto -assetregime, including in respect of the issuance of stablecoins, the custody of digital assets and prudential requirements for crypto -assetbusinesses. The final rules are expected to come into force in phases from late 2025 into 2026. 71 •In June 2023, the SEC filed a complaint against Coinbase, Inc. charging it with operating as an unregistered securities exchange, broker and clearing agency, and for the unregistered offer and sale of securities in connection with its staking