In late 2023, HM Treasury set out its final proposals for the UK’s future financial services regulatory regime for cryptoassets, confirming its intention to bring a number of crypto activities into the regulatory perimeter for the first time. A week after HM Treasury’s final proposals were published, the FCA and the Bank of England both published discussion papers on their proposals to implement Phase 1 of the regime.

Our new briefing note provides a high-level comparison of some of the key areas of HM Treasury’s original proposals and its final proposals, and also incorporates some of the detail from the regulators’ discussion papers on the stablecoin regime.