On 15 December 2025, HM Treasury (HMT) announced that it had laid the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 (the Regulations). The Regulations have been published on legislation.gov.uk.

Background

A draft statutory instrument was published in April 2025 intended to create new regulated activities in relation to cryptoassets. In addition, HMT had confirmed in its related policy note that statutory provisions for the market abuse and admissions and disclosures regimes would be published “in due course”.

Overview

The Regulations will establish new regulated activities for cryptoassets, such as operating a cryptoasset trading platform and issuing stablecoins. Further, the Regulations now also include details of new regimes in relation to admissions and disclosures, and market abuse. In particular, the Regulations set out the following:

  • General: Regulation 1 provides that some provisions commence early to enable the Financial Conduct Authority (FCA) to give directions or guidance, make rules and to carry out any other preparatory steps in relation to the exercise of their functions in relation to these Regulations before most, if not all, of the remaining provisions come into force on 25 October 2027.
  • Markets in Cryptoassets – Designated Activities: Part 2 of the Regulations introduces two designated activity regimes: the first for public offers of qualifying cryptoassets and admissions to trading on qualifying cryptoasset trading platforms; the second covering market abuse (including insider dealing, the disclosure of inside information and market manipulation) and it also sets out the powers of the FCA in relation to those activities. In relation to the first, it also sets out requirements for disclosure documents, the liability for untrue or misleading statements, and withdrawal rights for qualifying cryptoasset purchasers. In relation to the second, it includes requirements for market abuse-related systems and controls.
  • Amendments to the RAO: Part 3 of the Regulations amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) to specify certain activities relating to cryptoassets as regulated activities. The new regulated activities include the issuing of qualifying stablecoin, the safeguarding of certain cryptoassets, operating cryptoasset trading platforms, dealing in cryptoassets as principal or agent, arranging deals in cryptoassets, and cryptoasset staking. Carrying on these activities will require authorisation, subject to relevant exclusions.
  • Amendments to the FPO: Part 5 of the Regulations makes amendments to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO) to specify certain activities relating to cryptoassets as controlled activities and updates the controlled investment of “qualifying cryptoassets”.
  • Consequential Amendments: Part 6 of the Regulations makes related amendments to secondary legislation, including the Electronic Money Regulations 2011, the Alternative Investment Fund Managers Regulations 2013, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and the Payment Services Regulations 2017.
  • Savings and transitional provisions: Part 7 of the Regulations provides a structured pathway for transitioning into the new regulatory regime for existing businesses.
  • HMT review: Part 8 of the Regulations requires the Treasury to review the regulatory provisions and publish a report setting out the conclusions of the review at least every five years.

Next steps

The FCA is expected to publish consultation papers in relation to frameworks for an admissions and disclosures regime, and a market abuse regime, shortly.

In addition, the FCA is also expected to publish policy statements in relation to its prior consultations in relation to Cryptoasset activities and a further consultation in relation to activity-specific rules for Cryptoasset firms, with a view to the regime coming into force in October 2027.