UK Government Consults On New Cryptoasset Laws

According to FCA research, around 12% of UK adults now own, or have owned, crypto, up from just 4% in 2021. However, consumers are often exposed to risky firms and scams.

In October 2023, HM Treasury published detailed proposals for creating a UK financial services regulatory regime for cryptoassets, including stablecoin. It proposed bringing a wide range of cryptoasset activities, including exchanges and custody services, within the UK's financial services regulatory perimeter.

On 21 November 2024, the government confirmed that it would proceed with introducing this regime, broadly in line with the previously published proposals and the FCA published a roadmap in December 2024. The new regime will see the creation of new regulated activities such as operating a cryptoasset trading exchange and stablecoin issuance, as well as market abuse and admissions and disclosures regimes.