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 a clear and proportionate regulatory framework for cryptoasset activities and recognises the UK’s ambition to lead globally in financial innovation. However, it also highlights some key areas where “small changes” to clarity, scope and alignment with current regulations could be improved, to avoid “unnecessary complexity and overlap” which could potentially lead to confusion and uncertainty. The IRSG also recommends a more extended consultation period to capture the “significant refinements” it considers are needed to meet HMT’s policy outcomes.