Crypto Assets

On 10 June 2025, the European Banking Authority (EBA) issued a No Action letter to clarify the interplay between the Markets in Crypto-Assets Regulation (MiCA) and the Payment Services Directive 2 (PSD2) in relation to crypto asset service providers (CASPs) that transact electronic money tokens (EMTs

On 5 June 2025, the European Commission adopted a Delegated Regulation supplementing the Markets in Crypto-Assets Regulation (MiCA) with regard to regulatory technical standards (RTS) specifying the information in an application for authorisation to offer asset-referenced tokens (ARTs) to the public or to seek their admission to trading.

The

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

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.

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

On 2 May 2025, the Financial Conduct Authority (FCA) published Discussion Paper 25/1: Regulating cryptoasset activities (DP25/1).

Background

DP25/1 is the latest policy publication in the FCA’s crypto roadmap on the future of cryptoasset regulation. So far, the FCA has published DP23/4 in November 2023 on developing a regime for fiat-backed