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ARTICLE · 23 DECEMBER 2025

Instrumental Health: Final Cryptoasset Legislation

Travers Smith LLP
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As those closely following this field will know, in April 2025 HMT published a draft statutory instrument (SI), on which we wrote an earlier briefing highlighting key issues, as well as an unapologetically technical and detailed formal submission to HMT on the drafting.

United KingdomTechnology
Natalie Lewis
Natalie Lewis
Matt Humphreys
Matt Humphreys
Harry Millerchip
Harry Millerchip
Mark Evans
Mark Evans
Martin Hammond
Martin Hammond
James Turner
James Turner
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His Majesty's Treasury (HMT), published the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 (the Regulations) on 15 December 2025. While they may well ultimately be dated 2026 (Parliament rises for Christmas on 18 December and the Regulations must be approved by both chambers), this marks a key milestone in the UK's journey on digital assets, which will sit squarely within the regulatory perimeter of the Financial Conduct Authority (FCA). The Regulations will come fully into force on 25 October 2027, meaning that (if one were minded to be critical) it will have taken the best part of seven years for the UK to establish a regulatory framework for cryptoassets, dating back to the consultation and call for evidence of January 2021.

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