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ARTICLE · 06 MAY 2025

Token Efforts: What HM Treasury Gets Right And Wrong On Cryptoasset Regulation

Travers Smith LLP
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In early April, we published an article arguing that the UK needed to move quickly to regulate stablecoins, and advocating a number of legislative solutions to some real blockers to the industry's success.

United KingdomTechnology
Natalie Lewis
Natalie Lewis
John Lee
John Lee
Matt Humphreys
Matt Humphreys
Harry Millerchip
Harry Millerchip
Mark Evans
Mark Evans
James Turner
James Turner
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In early April, we published an article arguing that the UK needed to move quickly to regulate stablecoins, and advocating a number of legislative solutions to some real blockers to the industry's success.

At Innovate Finance Global Summit on 29 April, Chancellor Rachel Reeves personally announced draft legislation implementing HM Treasury's (HMT) stated policy of bringing cryptoassets (including stablecoins) into UK financial services regulation. The legislation was presented by her as "backing the builders" and "making Britain the best place in the world to innovate – and the safest place for consumers."

This was greeted with a predictable mixture of euphoria, scepticism, and outrage from various corners: euphoria from those who have been pleading with the government to accelerate the process, scepticism from those who continue to worry about "crypto", and outrage from those who appear to think the proposed regulatory framework is a stab in the back for the

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