In this issue we provide an update on the next steps for the UK
Cryptoassets regulation. These publications provide the
long-awaited direction of travel for the regulation of this sector,
and even though the details are still to be confirmed, they provide
some degree of clarity to the industry.
1. HM Treasury speech on approach to cryptoasset and stablecoin
regulation
On 25 November 2024, HM Treasury published a speech given on 21
November 2024 by Tulip Siddiq, the then Economic Secretary to the
Treasury, on the UK government's approach towards the
regulation of cryptoassets and stablecoins.
With a few exceptions for stablecoins, HM Treasury plans to
fully implement its proposals set out in October 2023 for the
regulation of cryptoassets in the UK. This includes introducing new
regulated activities such as operating a cryptoasset trading
platform, along with frameworks for trading admissions and market
abuse. There will be a suite of FSMA-inspired conduct rules
