On 28 May 2025, the International Regulatory Strategy Group (IRSG) published a letter to HM Treasury (HMT) regarding the draft Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 (draft SI).
In the letter, the IRSG notes that it supports HMT’s aim of creating
On 28 May 2025, the Financial Conduct Authority (FCA) published two further consultation papers (CPs) on cryptoasset regulation – CP25/14 on stablecoin issuance and cryptoasset custody and CP25/15 on a proposed prudential regime for cryptoasset firms.
Background
The Government plans to create a UK financial services regulatory regime for cryptoassets
On 27 May 2025, the Financial Markets Law Committee (FMLC) published a letter to HM Treasury regarding the draft Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 (draft SI).
In the letter, the FMLC welcomes HMT’s publication of the draft SI, calling it “a
In the latest edition of our podcast series, Split the Difference, Jonathan Herbst, Hannah Meakin, Anna Carrier and Simon Lovegrove cover the draft UK legislation for regulating cryptoassets and recent FCA discussion paper and compare it with the EU Regulation on markets in cryptoassets regulation.
Listen to the episode here.
As crypto markets continue to evolve at an unprecedented pace, navigating the complex and ever-changing regulatory landscape is more crucial than ever. Our Global Crypto Market Webinar Series brings together our lawyers from around the world to provide their insights and perspectives on the latest developments shaping the digital asset space.
From regulatory shifts and
On 8 May 2025, the Property (Digital Assets etc) Bill completed the last of its House of Lords stages. The Bill had its third reading, which was the final chance for the Lords to make amendments, and no further changes were made.
The Bill will now return to the House of Commons for consideration of
On 6 May 2025, the Bank of England (BoE) published a speech by its deputy governor for financial stability, Sarah Breeden, entitled ‘International payment rails: the value of a harmonised gauge’. The speech explains why the digitalisation of money and assets is important to the BoE, why interoperability is important, and
On 2 May 2025, the Financial Conduct Authority (FCA) published Discussion Paper 25/1: Regulating cryptoasset activities (DP25/1).
Background
DP25/1 is the latest policy publication in the FCA’s crypto roadmap on the future of cryptoasset regulation. So far, the FCA has published DP23/4 in November 2023 on developing a regime for fiat-backed
On 29 April 2025, HM Treasury (HMT) published a draft statutory instrument (SI), the Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025, which sets out provisions to create a new regulatory regime for cryptoassets. An accompanying draft policy note has also been published.
Background
On 18 March 2025, the Chancellor of the Exchequer, Rachel Reeves, met with a group of fintech CEOs and confirmed the next steps to test distributed ledger technology (DLT) in the UK gilt market. As part of those next steps, Ms Reeves announced details of the launch of the procurement process for the