This article first appeared in Thomson Reuters Regulatory Intelligence.
The UK authorities have recently made a number of announcements that reaffirm and further clarify their intentions with digital assets.
On November 21, Tulip Siddiq, the economic secretary to HM Treasury, gave a speech on the government’s approach to tokenisation and regulation at the City &
On 12 December 2024, the Prudential Regulation Authority (PRA) published a data request relating to firms’ exposures to tokenised assets, stablecoins and other cryptoassets.
Through the data request, the PRA is seeking to gather information on firms’ current and expected future cryptoasset exposures and firms’ application of the Basel framework for the prudential
On 26 November 2024, the Financial Conduct Authority (FCA) published a new webpage on cryptoasset financial promotions and fiat-to-crypto on/off ramp services, which reminds firms that they should carefully consider the risks of partnering with unregistered cryptoasset firms that may be illegally promoting to UK consumers.
The FCA notes that, following engagement
On 26 November 2024, the Financial Conduct Authority (FCA) published a press release, blog and roadmap providing an update on its plans for regulating cryptoassets.
Increasing use of cryptoassets
In the press release, the FCA notes that, according to its latest research on consumer attitudes and behaviours towards cryptoassets, ownership is continuing
On 25 November 2024, HM Treasury published the text of a speech by the Economic Secretary to the Treasury, Tulip Siddiq MP, outlining the Government’s approach to tokenisation and regulation. In the speech, which was delivered at the Tokenisation Summit on 21 November 2024, Ms Siddiq discussed the initiatives the Government is taking forward
On 4 November 2024, the Financial Conduct Authority (FCA) issued a statement welcoming the first industry-led Project Guardian report on tokenisation in the asset management sector.
Background
Project Guardian is an international collaboration of industry and regulators, led by the Monetary Authority of Singapore (MAS), that explores the use of fund
On 21 October 2024, the FCA published a blog, Cryptoasset registrations: building strong foundations.
Among other things the blog states that no two FCA registration applications are the same and therefore the FCA’s guidance, pre-application meetings and practical examples are there to help each individual applicant. The FCA’s decision on whether to register is
On 3 October 2024, the Broadcast Committee of Advertising Practice (BCAP) published a new rule explicitly banning advertisements for certain types of cryptoasset products from being broadcast to mainstream, non-specialist audiences.
BCAP explains that these products were already subject to such a restriction under BCAP Code rule 14.5.4, as the products are not
On 30 September 2024, the Bank of England (BoE) and the Financial Conduct Authority (FCA) announced that the Digital Securities Sandbox (DSS) has opened for applications. The DSS is intended to reshape how the BoE and FCA regulate by allowing firms to test legislative changes in real world scenarios
On 12 September 2024, the Property (Digital Assets etc) Bill was published, along with explanatory notes.
The Bill, which had its first reading in the House of Lords on 11 September 2024, provides that something may be capable of attracting property rights even if does not fit into either of the two categories