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
Crypto Assets
Published in OJ – MiCA Delegated Regulations


- Commission Delegated Regulation (EU) 2025/1141 of 27 February 2025 supplementing MiCA as regards regulatory technical standards (RTS) specifying the requirements for policies and
MiCA – Delegated Regulation containing RTS specifying the information in an application for authorisation to offer ARTs to the public or to seek their admission to trading

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…
IRSG provides comments to HMT on draft UK cryptoasset legislation


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…
FCA consults on issuing stablecoins, crypto custody and financial resilience of crypto firms
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…
Split the Difference: Episode 15- Regulating 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.
Property (Digital Assets etc) Bill completes House of Lords stages


On 8 May 2025, the Property (Digital Assets etc) Bill completed the last of its House of Lords stages. The Bill had its third reading, which was the final chance for the Lords to make amendments, and no further changes were made.
The Bill will now return to the House of Commons for consideration of…
BoE publishes speech on digitalisation of money and assets


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…
DP25/1: Regulating cryptoasset activities
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…
Bank Regulators Withdraw Guidance on Digital Assets
The Federal Reserve Board withdrew previously issued guidance for banks on crypto-asset and dollar token activities.
The full update can be found here on our US Regulatory Intelligence platform.