On 10 November 2025, the Bank of England (BoE) published two papers that could materially reshape how payments and certain financial services operate in the United Kingdom. The first is a consultation paper, “Proposed regulatory regime for sterling-denominated systemic stablecoins.” This sets out a proposed prudential and supervisory regime for those sterling-denominated stablecoins
On 17 September 2025, the Financial Conduct Authority (FCA) published Consultation Paper 25/25: Application of FCA Handbook for Regulated Cryptoasset Activities (CP25/25).
Background
CP25/25 follows HM Treasury’s draft statutory instrument (SI) to bring certain cryptoasset activities within the regulatory perimeter and two previous FCA consultation papers covering stablecoin issuance
On 1 August 2025, the Financial Conduct Authority (FCA) issued a press release stating that it was opening retail access to crypto exchange traded notes (cETNs).
On 6 June 2025, the FCA published Consultation Paper 25/16: Quarterly Consultation Paper No.48 (CP25/16). In chapter 4 of CP25/16 the FCA set
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