On 10 November 2025, the Bank of England (BoE) published two papers that could materially reshape how payments and certain financial services operate in the United Kingdom. The first is a consultation paper, “Proposed regulatory regime for sterling-denominated systemic stablecoins.” This sets out a proposed prudential and supervisory regime for those sterling-denominated stablecoins
On 12 November 2025, the Investment Association and the Investment Management Association of Singapore issued a joint report examining the challenges and opportunities in tokenised asset markets across both jurisdictions. It also provides an operational readiness checklist for market participants looking to design and launch tokenised financial products. The report was developed in collaboration with
On 27 October 2025, the Financial Conduct Authority (FCA) published information for firms looking to offer crypto exchange traded notes (cETNs).
Background
The FCA explained that it lifted the ban on retail access to certain cETNS on 8 October 2025, meaning that retail consumers can now access cETNS when they are
On 23 October 2025, the Bank of England (BoE) provided an update on its recent work on the digital pound.
No decision has been made on whether to introduce a digital pound.
The BoE’s current ‘design phase’ of the digital pound workplan runs through 2026. Over the past year, the BoE has been
On 16 October 2025, the International Organization of Securities Commissions (IOSCO) published a final report on its thematic review assessing the implementation of IOSCO’s Recommendations for crypto and digital asset (CDA) markets.
Background
IOSCO published in 2023 a set of 18 policy recommendations for the regulation of crypto and digital assets
A few months after the Markets in Crypto Asset Regulation (MiCA) took effect on 30 December 2024, regulatory and enforcement issues have already become apparent. In a joint communication, the French, Austrian and Italian national competent authorities (the AMF, the FMA and the Consob) (the NCAs) drew attention to certain gaps in
On 17 September 2025, the Financial Conduct Authority (FCA) published Consultation Paper 25/25: Application of FCA Handbook for Regulated Cryptoasset Activities (CP25/25).
Background
CP25/25 follows HM Treasury’s draft statutory instrument (SI) to bring certain cryptoasset activities within the regulatory perimeter and two previous FCA consultation papers covering stablecoin issuance
On 1 August 2025, the Financial Conduct Authority (FCA) issued a press release stating that it was opening retail access to crypto exchange traded notes (cETNs).
On 6 June 2025, the FCA published Consultation Paper 25/16: Quarterly Consultation Paper No.48 (CP25/16). In chapter 4 of CP25/16 the FCA set
The UK Government has published draft legislation to establish a regulatory framework for cryptoassets, and the Financial Conduct Authority (FCA) has published discussion and consultation papers setting out its proposed approach to regulation.
Our new briefing note looks at the new framework set out in the draft legislation, the FCA’s latest proposals, and
On 27 May 2025, the Financial Markets Law Committee (FMLC) published a letter to HM Treasury regarding the draft Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 (draft SI).
In the letter, the FMLC welcomes HMT’s publication of the draft SI, calling it “a