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United Kingdom Cryptoassets Financial Regulatory Reform

Proskauer - Regulatory & Compliance

Regulation Round Up - June 2024

Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in June 2024: 28 June PRIIPs Regulation: The Joint Committee...more

A&O Shearman

UK FCA Financial Crime Guide consultation: more obligations, or old news?

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As financial crime compliance pressures grow, the UK Financial Conduct Authority (FCA) continues to emphasise the significance of its Financial Crime Guide (FCG) as part of the overarching regulatory framework for financial...more

A&O Shearman

MiCAR under the microscope - Part 3: The issuance of stablecoins under MiCAR: Scope and requirements

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The huge expansion of crypto-assets over recent years and the popularity of their underlying technology (distributed ledger technology (DLT) or blockchain) have come with their share of challenges, including a significant...more

Skadden, Arps, Slate, Meagher & Flom LLP

A New UK Cryptoasset Framework: UK Government Publishes Consultation Response

On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Cryptoasset Financial Promotions: FCA Takes Firm Stance on Enforcing New Rules

The landscape of cryptoasset regulation in the UK entered a new phase in October 2023 with the extension to cryptoassets of marketing restrictions for financial products and services. In particular, crypto firms based outside...more

Akin Gump Strauss Hauer & Feld LLP

New Rules on Marketing Cryptoassets

The UK Financial Conduct Authority has published near final rules setting out its approach to regulating the financial promotion of ‘qualifying cryptoassets’. The new rules mean financial promotions on cryptoassets are only...more

Proskauer Rose LLP

Regulation Round Up - March 2023

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31 March - SFTR: The European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As (ESMA74-362-893) on complying with reporting requirements under the Regulation on reporting and transparency...more

Cadwalader, Wickersham & Taft LLP

FCA Issues Warning to Cryptoasset Firms

The FCA has warned cryptoasset firms to get ready for new rules controlling their financial promotions that reach UK residents. Regardless of whether they are operating from the UK or from abroad, cryptoasset providers are...more

A&O Shearman

UK Proposals for Cryptoasset Regulation

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The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities...more

Cadwalader, Wickersham & Taft LLP

UK Government Consults on Expanding the Cryptoasset Regulatory Perimeter

The UK Government (Treasury) has published a consultation and call for evidence on a ‘Future financial services regulatory regime for cryptoassets’ which sets out what is being called ‘phase 2’ of the UK’s approach to...more

Cadwalader, Wickersham & Taft LLP

UK Government Expands Assets within the Scope of the UK’s IME to Include Cryptoassets

As part of the Edinburgh Reforms announced by the UK Government (link back to “UK FS Reforms”), the UK Government has also confirmed that the “Investment Transactions List” (“ITL”) would be expanded to include cryptoassets....more

A&O Shearman

Treasury Committee Inquiry: The Crypto-Asset Industry Report

A&O Shearman on

Innovate Finance and Shearman & Sterling has submitted a comprehensive evidence paper to the House of Commons Treasury Committee inquiry into crypto-assets. Analysis produced by Innovate Finance specially for the...more

Cadwalader, Wickersham & Taft LLP

Changes to UK Financial Promotion Rules

On August 1, the UK’s Financial Conduct Authority (“FCA”) published a policy statement on strengthening its financial promotion rules for high-risk investments and firms approving financial promotions (the “policy...more

Cadwalader, Wickersham & Taft LLP

UK Government Considering Expansion of Investment Transactions List to Include Crypto-Assets

The UK Government has announced a public consultation regarding the possible expansion of the UK’s investment manager exemption (“IME”) to encompass crypto-assets. The IME enables UK-based fund managers to provide...more

Proskauer Rose LLP

From cryptic to (some) clarity: English law and policy rising to the challenge of cryptoassets

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Sir Geoffrey Vos, the Master of the Rolls wants English law to be at the forefront of developments relating to cryptoassets and smart contracts. In his thought-provoking foreword to the government-backed UK Jurisdictional...more

Dechert LLP

The UK Investment Manager Exemption and Cryptoassets – Consultation Document

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As part of wider efforts to make Britain a global hub for cryptoassets technology and investment, on 4 April 2022 the government publicly committed to consult on extending the scope of the UK Investment Manager Exemption (the...more

Proskauer - Blockchain and the Law

From Cryptic to (Some) Clarity: English Law and Policy Rising to the Challenge of Cryptoassets (Part 3)

In the first two instalments of our series we examined the progress of English law to provide a secure and certain legal infrastructure for cryptoasset investment and management. In particular, we looked at how recent English...more

Cadwalader, Wickersham & Taft LLP

The UK’s Plan to Become a Global Crypto Hub

On April 4, 2022, the UK government announced plans to become a “global hub” for the cryptoasset industry with proposals for the regulation of stablecoins, development of an NFT (non-fungible token) issued by the Royal Mint,...more

Hogan Lovells

HM Treasury stablecoin regulation proposals aimed at positioning UK as global crypto hub

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HMT has published its response to its January 2021 consultation and call for evidence on the UK regulatory approach to cryptoassets and stablecoins. The consultation response confirms the government’s intention to bring...more

Hogan Lovells

HM Treasury brings crypto further within the scope of financial services regulation

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On 18 January 2022, HM Treasury published the results of its July 2020 consultation on cryptoasset promotions, and confirmed that the UK government will introduce measures that will effectively bring a wider range of...more

Orrick, Herrington & Sutcliffe LLP

UK Financial Regulatory Update: Developments and Potential Impacts for Financial Services Firms and Other Financially Regulated...

The turn of a new year has brought new UK regulatory developments that have the potential to significantly impact financial services and other financially regulated businesses. This update highlights the key changes in the UK...more

Skadden, Arps, Slate, Meagher & Flom LLP

Impact on the Fintech Sector

The Trade and Cooperation Agreement (TCA) provides for preferential arrangements in certain areas of trade between the EU and the UK, mainly in goods and continued access to related services such as transport and logistics....more

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