Laura WilesThe FCA has published market description research on the development of cryptoasset markets in the UK and globally. The research provides an overview of how the markets operate, including the types of cryptoassets...
Category - Crypto
Emma RadmoreConsumer Panel responds on Crypto Perimeter Guidance
This week, the Consumer Panel responded to the FCA’s consultation on Perimeter Guidance for the forthcoming cryptoasset regulatory regime. The Panel has welcomed and broadly supports the proposed guidance, noting...
Stephen Wilson
FCA updates on AML expectations for crypto firms
As part of its series of webinars for firms applying for crypto registration and authorisation, the FCA has published a set of FAQs on its expectations of firms once cryptofirms require full FCA authorisation. Among...
FCA warns football clubs on “questionable” sponsorships
The FCA has written to several football clubs to warn them about their relationships with unauthorised firms, including crypto businesses and trading platforms, who may be breaching UK laws in providing financial...
Financial Services and Markets Bill starts legislative process
The Financial Services and Markets Bill has been published and has started its parliamentary passage in the House of Lords, where it has had its first reading but the second reading, which is when debate starts, does...
FCA to open pre-application meetings for crypto firms
Cryptoasset firms preparing for the new authorisation regime under FSMA will be able to request pre-application meetings with the FCA from 11 May 2026 via the Pre-Application Support Service (PASS). PASS meetings are...
FCA consults on crypto perimeter guidance
The FCA is consulting on draft perimeter guidance aimed at helping firms understand what crypto-related activities will fall within the UK regulatory perimeter from October 2027. The guidance sets out how the FCA...
FCA issues guidance on crypto MLR registration ahead of full authorisation regime
The FCA has published guidance for firms considering applying for registration under the MLRs ahead of the new cryptoasset regulation regime coming into effect in October 2027. The guidance highlights that until the new...
FCA perimeter report calls for Government action
The FCA’s perimeter report has identified 15 areas where the FCA wants to see change from the government, including: removing self-certification for FPO purposes and raising the thresholds for the HNWI and...
UK-Japan financial regulatory forum reports on progress
The fourth meeting of the UK-Japan financial regulatory forum took place on 18 March between HM Treasury and the Japan Financial Services Agency. The forum discussed: digital finance, with the UK updating on its plans...
FCA speaks on payment supervision consolidation
David Geale, PSR managing director and FCA director for payment and digital finance, spoke on the impact of consolidating the PSR into the FCA, and how this can help a more joined-up approach. Firms will no longer have...
FCA publishes crypto permission gateway dates
The FCA has made a direction setting out the window within firms wanting to become authorised will need to complete their applications. The period will start on 30 September 2026 and end on 28 February 2027. As a...
FCA starts legal action against global crypto exchange
The FCA has started legal proceedings against HTC, formerly known as Huobi, a global crypto exchange, for illegal financial promotions of crypto asset services to UK customers. It has previously warned about the...
E-money firm exits UK markets
Gemini Payments UK, an EMIL, and Gemini Intergalactic UK, a registered cryptoasset firm, have announced plans to exit the UK market. All customer accounts will be closed from 6 April, following a phased wind-down...
Treasury makes crypto Regulations
HM Treasury has made the Regulations that will introduce several new designated and regulated activities relating to crypto assets. In the main, the Regulations take effect on 25 October 2027, but take effect in part at...
PSR speaks on delivering the National Payments Vision
David Geale – PSR managing director at and FCA executive director for payments and digital finance – has given a speech on delivering National Payments Vision at the Payments Regulation and Innovation Summit...
FCA updates crypto information page
The FCA has updated its information page on its approach to crypto-regulation to confirm that the application period for firms wanting to become authorised for the new crypto-activities will run from 30 September 2026...
Lords Committee launches stablecoin inquiry
The Financial Services Regulation Committee has launched an inquiry into the growth and proposed regulation of UK stablecoins. The Committee is seeking submissions by 11 March 2026 on: How the global market for –...
OFSI and partners crack down on cryptoasset abuse
The Office of Financial Sanctions Implementation (OFSI) and its UK law enforcement and regulatory partners have clamped down on the abuse of cryptoassets. OFSI has recently partnered with the Crypto Cash Fusion Cell...
FCA consults further on crypto regulation
The FCA has today published the latest consultation paper setting out its proposals for the regulatory regime around cryptoassets. This paper follows six previous consultations, as well as numerous discussion papers...
FCA to hold stablecoin tech sprint
The FCA is holding a stablecoin tech-sprint in March 2026 to help shape policy and standards for future payments. The vent will focus on: Retail payments Cross-border payments E-commerce and B2B transactions Remittance...
FCA publishes webpages on the new crypto regulation regime
The FCA has published new webpages on the upcoming cryptoasset regulation regime, which is expected to come into force October 2027. The pages provide guidance on: How the gateway will operate The regulated activities...
FCA consults on next steps for crypto as Treasury lays legislation
The FCA is consulting on the next step in regulating crypto-related activities following the Treasury laying draft legislation before Parliament to enable the new regulatory regime. The FCA’s proposals will affect...
Chancellor highlights growth opportunity in crypto regulation
The Chancellor has highlighted that new cryptoasset legislation coming into effect in the UK in 2027 will unlock growth while protecting consumers by bringing cryptoassets into the scope of other similarly regulated...
Regulators update Regulatory Initiatives Grid
The latest edition of the Regulatory Initiatives Grid updates on timelines for 124 live initiatives across the 9 organisations covered by the grid. The press release heralding the publication highlights the themes of:...
FCA takes RegTech platform into Sandbox
The FCA has published an update on its Regulatory Sandbox cohort, which now includes the RegTech platform, Eunice. Eunice aims to help transparency in UK crypto-markets. Its solution will focus on disclosures...
SFO launches first major crypto investigation into $28m scheme
The Serious Fraud Office (SFO) has launched a first-of-its-kind investigation into suspected fraud in a $28m crypto scheme. It has asked investors in the scheme to come forward with any information they hold about the...
BoE consults on systemic stablecoin regulation
The BoE is consulting on how it proposes to regulate sterling-denominated systemic stablecoins. It proposes: to allow issuers to hold up to 60% of backing assets in short-term UK government debt and for the other 40%...
FOS responds to FCA crypto consultation
The FOS has published a response to the FCA’s consultation on applying Handbook rules to cryptoasset firms. Overall, the FOS agreed with the benefits of extending access to its complaints resolution framework to...
FCA issues guidance for firms on retail access to crypto ETNs
The FCA has given guidance to firms wanting to offer crypto ETNs to consumers, following the lifting of the ban on retail access earlier this month. Consumers can now access the products so long as they are UK listed...
Michael LewisFCA set to open listing applications for retail crypto ETN programmes
The FCA has confirmed that it will begin to accept listing applications for the review of retail crypto ETN programmes from 25 September 2025. All applications received on this date will be treated as having been...
FCA consults on applying Handbook rules to cryptoasset firms
The FCA has published a consultation on applying existing Handbook rules to firms conducting cryptoasset activities. Currently, the FCA’s rules for cryptoasset cover financial promotions and preventing financial...
BoE speaks on “multi-money” system
Sarah Breeden – Deputy Governor of Financial Stability at the BoE – has delivered a speech on innovation in money and payments at the Bank of England and Warwick Business School Innovation in Money and...
BoE speaks on digitalisation
Sarah Breedon has spoken on the importance of interoperability in an increasingly digitalised environment. She said the BoE is aware that developments in digital money and assets risk new systems emerging in what she...
FCA calls for views on regulating crypto trading platforms
Following HM Treasury’s publication of draft legislation enabling full FSMA-style regulation of activities relating to crypto-assets, the FCA is now seeking views on the regulation of cryptoasset trading platforms...
Treasury publishes draft crypto regulation legislation
HM Treasury has published the key draft legislation that will enable full FSMA-style regulation of activities relating to crypto-assets. The regulations, which will be subject to the affirmative resolution procedure in...
FCA updates Regulatory Initiatives Grid
The updated Regulatory Initiatives Grid highlights many initiatives for various regulators relevant to the financial markets, including: during 2025: further action plan on FCA requirements in light of Consumer Duty...
FCA publishes work programme 2025-6
The FCA has published its work programme for 2025-26, which builds on the 4 priority areas in its 5 year plan. Specific initiatives additional to those set out in the 5 year plan (which we summarised in this article)...
Chancellor unveils more red tape cutting
The Chancellor has unveiled more detail of the plans to cut the administrative cost of regulation on business, at a meeting attended by, among others, the PRA, FCA and ICO. The plans are wide ranging across all areas of...
FCA 2024 fin proms data shows increased action against misleading adverts
The FCA’s latest financial promotions data shows 19,766 promotions were amended or withdrawn in 2024, almost doubling the 2023 figure of 10,008. In previous reporting, the FCA acknowledged this sharp increase was...
FCA highlights simplification as means of supporting growth
The FCA’s letter in response to the Prime Minister setting out how the FCA wants to collaborate with the Government to encourage growth highlights the work the FCA has already done in the wholesale markets to...
1 crypto registration approved last month
The FCA has updated its statistics on applications by crypto firms for registration under the MLRs. The latest stats show that 1 firm succeeded in becoming registered last month, while 2 applications were withdrawn...
FCA sets out findings on young investors’ decision-making
The FCA has found that two thirds of young investors take less than 24 hours to make an investment decision. Their latest research surveyed 2,000 UK investors aged 18 – 40, who had purchased a viral trend and...
FCA updates perimeter report
The FCA has updated its Perimeter Report. The report highlights the FCA’s remit and powers, including the new Designated Activities Regime, and then lists the key areas of harm linked to the perimeter and some key...
FOS notes huge increase in complaints
The latest figures from the FOS show complaints have increased by over 50%, with record increases in complaints about frauds and scams, current accounts and credit cards. The FOS also noted in particular an increasing...
FCA publishes Q3 fin proms data
The FCA has published its financial promotions data for Q3 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. During the period: 10,593...
FCA speaks on crypto-registration approach
The FCA has spoken about its approach to registration of crypto-asset firms, countering accusations that it is being too tough at the registration gateway and as a result stifling innovation. The FCA’s stance is...
Digital Assets Bill gets first reading and Government responds to Law Commission recommendations
The Property (Digital Assets etc) Bill had its first reading in the House of Lords on 11 September. The Bill provides that digital assets can be considered to be personal property, and may therefore be given the same...
FCA publishes Q2 fin proms data
The FCA has published its financial promotions data for Q2 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. During the period: 3,273...
Harry WellsFCA updates on crypto fin prom compliance
The FCA has published the findings of its review into how crypto firms have complied with financial promotion rules introduced in October 2023. In particular, the FCA analysed the application of ‘back end’...
Bank of England outlines approach to innovation in money and payments
The Bank of England (BoE) has issued a discussion paper inviting views on its approach to innovation in money and payments. In the paper, the BoE notes that to date it has: enhanced its capability to supply wholesale...
FCA fines E-money firm £3.5m
The FCA has fined CB Payments Limited, an EMI which is part of the Coinbase Group, £3.5m for repeated breach of a requirement restricting it from offering services to high risk customers. The firm does not itself...
FCA updates crypto registration stats
The FCA has updated its table on success rates of applications for registration under the MLRs for cryptoasset business. As at 1 May 2024, it had received 345 applications in total with 1 in the last month. During the...
Regulators update on payment systems MoU
The signatory regulators to a joint-authority Memorandum of Understanding on co-operation in relation to payment systems in the UK have carried out their 8th annual review of how well the MoU is working. The BoE, FCA...
BoE consults on enforcement changes
The BoE, including the PRA, is consulting on proposed changes to its SOPs and procedures for enforcement, following the additional responsibilities FSMA 2023 has placed on it. The changes relate to enforcement policy...
FCA publishes Business Plan 2024/2025
The FCA’s 2024/25 Business Plan highlights the work carried out to date, and what it plans to do in the coming year, the final year of its 3 year strategy. The strategy continues a focus on delivery of the...
FCA updates position on crypto Exchange Traded Notes
The FCA has stated it will not oppose requests from Recognised Investment Exchanges (RIEs) to create a cryptoasset-backed Exchange Traded Notes (cETNs) UK listed market segment. The cETNs will be available only to...
FCA updates on crypto stats
FCA has updated its information pages on crypto AML applications to reflect statistics to 1 March 2024. It has now received 340 applications since January 2020, including 26 in the past year and 2 in the past month...
Law Commission calls for evidence on digital assets
The Law Commission has published a call for evidence and is also seeking views on draft legislation on digital assets. It wants better to understand the challenges that digitalisation poses for private international...
UK Finance responds on stablecoins
UK Finance has responded to the FCA and BoE discussion papers on regulating stablecoins. It is generally supportive of the broad proposal to build upon the existing regulatory/legislative regime for stablecoins used for...
FIN. TeamBoE extends stablecoin consultation deadline
The BoE is keen to receive a wide range of feedback in response to its discussion paper on regulating stablecoins. It has therefore extended the consultation period which will now close at 10am on 12 February 2024. As a...
FCA publishes blockchain research
FCA has published a research note entitled ‘Review of Maximal Extractable value (MEV) and Blockchain Oracles’ in collaboration with Futuresight Business Intelligence Ltd, the Financial Industry Regulatory...
No firm decision on digital pound
The BoE and Treasury response on the consultation paper on the possible introduction of a digital pound say that there has been no final decision on whether the UK will introduce a CBDC. The regulators will continue...
BoE responds on PRC remit
BoE Governor Andrew Bailey has written to the Chancellor, updating last year’s response to the letter setting out the Chancellor’s recommendations to the Prudential Regulation Committee (PRC). The letter...
Supreme Court Justice speaks on law and AI
Lord Hodge, Deputy President of the Supreme Court gave a speech at De Montfort University, Leicester entitled ‘Law and AI: Where are we going?’ In it, he first considered the risks in the use of...
FCA reflects on 2023
Nikhil Rathi has reflected on some of FCA’s key achievements and milestones from 2023. He highlighted: the implementation of the Consumer Duty and changes firms have already made as a result; FCA telling GAP...
Treasury Select Committee comments on plans for a ‘digital pound’
The Treasury Select Committee (the Committee) has commented on Bank of England (BoE) and HM Treasury proposals for a retail ‘Central Bank Digital Currency’ (CBDC) or ‘digital pound’. Such a...
Treasury feeds back on Digital Securities Sandbox
Treasury has published the outcome to the consultation on a digital securities sandbox. The sandbox will be operated by BoE and FCA and is intended to help facilitate the use of digital asset technology in UK financial...
FCA and BoE publish proposals for regulating stablecoins
FCA and BoE have requested feedback on their proposals for regulating stablecoins in the context of the regulators looking to harness the potential benefits stablecoin could provide to UK consumers and retailers...
FCA publishes crypto marketing guidance
FCA has published guidance it hopes will support firms complying with the new rules on crypto promotions. It is aimed both at registered crypto firms making promotions and at authorised forms who are communicating or...
Government responds on failure of Digital Settlement Asset firms
Following its consultation on the failure of Digital Settlement Asset firms, the government has now published the consultation outcomes. In the consultation, the government sought responses to its approach on managing...
Government confirms plans for fiat-backed stablecoins
The government has provided an update on its plans for bringing fiat-backed stablecoins into the UK’s regulatory perimeter for financial services. This follows the January 2021 consultation on the UK regulatory...
Treasury confirms next steps in crypto regulation
Treasury has published its response to its consultation and call for evidence on the future regulatory regime for crypto assets. Broadly, it will proceed with the proposals it consulted on, and will: develop a...
FCA launches new crypto registration webpage
FCA has launched a new webpage for cryptoasset businesses applying for registration under the MLRs. The new webpage sets out FAQs on how to prepare for registration, associated individuals and what happens once an...
BoE speaks on money and payments
Jon Cunliffe (BoE Deputy Governor, Financial Stability) has given a speech on money and payments. Highlights include: G20 roadmap to improve cross-border payments Whilst improvements have been made since 2020, there is...
Treasury and FCA hold perimeter meeting
Treasury and FCA have published the record of their July meeting to discuss aspects of the regulatory perimeter. The issues discussed included: discussion of FCA’s plans around expectations on firms carrying out...
Treasury responds on Edinburgh Reforms progress
Treasury has responded to a request from the Treasury Committee for an update on delivering the Edinburgh Reforms. It notes: reform of the ring-fencing regime: this is in progress with draft legislation being published...
FCA issues further crypto-marketing warnings
FCA has continued to look closely at cryptoasset promotions following the new rules that took effect from 8 October. It has identified 3 common problems in these promotions: promotions that make claims about the safety...
EU-UK Financial Regulatory Forum release joint statement
The first meeting of the EU-UK Forum took place on 19 October. It was attended by the UK and EU regulators and the ESAs. The shared objectives of the parties included the preservation of financial stability, market...
Basel Committee consults on crypto exposure disclosure
In December 2022, Basel Committee published its final prudential standard on the treatment of cryptoasset exposures. Following on from this, a consultation on the disclosure of banks’ cryptoasset exposures has...
FCA stops firm from approving crypto promotions
On 10 October, FCA imposed restrictions on rebuildingsociety.com Ltd to stop it from approving crypto financial promotions. The firm, which is authorised to operate an electronic system in relation to lending, was also...
FCA updates crypto application stats
FCA has updated the statistics on applications for registration by crypto firms, and its feedback on good and poor applications. As at 1 October, it had received 326 applications since registration began in January...
ASA hands technical crypto claims over to FCA
ASA has confirmed that it will no longer regulate “technical” claims in ads in non-broadcast media for cryptoassets. It notes, though that FCA has taken over regulation only of ads for qualifying (ie...
FCA issues first alerts under new crypto marketing regime
FCA has issued 146 alerts about financial promotions in the first 24 hours of the new crypto marketing regime. These alerts contain the names of companies which may be illegally communicating cryptoasset promotions. The...
UK-US Financial Regulatory Working Group meets
US Treasury and HM Treasury published a joint statement from the eighth Financial Regulatory Working Group meeting held on 6 September. Topics covered in the meeting included broad discussions on: Economic and financial...
FCA issues final warning on crypto promotions
FCA has published a final warning to crypto firms stressing the breadth of the definition of “financial promotion” and how it will affect crypto promotions going forwards. The communication is aimed at...
JMLSG publishes crypto transfer guidance
JMLSG has published its final revisions to Section 22 (Cryptoasset providers and custodian wallet providers) in Part II of its AML/CTF guidance. The update includes a new Annex 1 on crypto transfers which relates to the...
FSM Bill gets Royal Assent
As expected, the Financial Services and Markets Act 2023 got Royal Assent on 29 June. Heralding it, Treasury described its key features as: bringing the ability to tailor financial services regulation to fit UK markets...
FSM Bill completes Parliamentary process
The FSM Bill returned to the Lords for consideration of the few amendments the Commons had made. These were agreed, and so the Bill has completed its Parliamentary passage and now awaits Royal Assent. It is expected to...
FSMB back in Commons on 26 June
The FSMB will return to the Commons on 26 June, for the House to consider the version as amended in the Lords.
FCA publishes crypto promotion final rules
FCA has published a policy statement on financial promotion rules for cryptoassets following its January 2022 consultation. The consultation proposed to clarify cryptoassets as “Restricted Mass Market...
Treasury makes crypto FPO amendments
The FSMA (Financial Promotion)(Amendment) Order 2023 has been made and takes effect on 7 October (but on 8 June in respect of FCA powers to make rules and guidance). The changes reflect changes to the exemptions to the...
FCA and police act on more illegal crypto ATMs
Following previous initiatives, FCA and relevant police units have inspected sites in Exeter, Nottingham and Sheffield suspected of housing illegal crypto ATMs.
Parliament debates FPO amendments
The House of Lords has been debating the draft statutory instrument amending the FPO to bring promotions of crypto assets within scope. The proposal, which includes extending appropriate exemptions to crypto-promotions...
FCA speaks on regulation and Fintech
Emily Shepperd spoke at City Week on how the FCA, and regulation generally, can help firms innovate and embrace Fintech. She spoke of challenges to the traditional banking model and what banks had done to address them...
Treasury Committee publishes exchange of letters with FCA
The Treasury Committee has published its request to FCA to provide it with information on key elements of its regulation following Nikhil Rathi’s appearance before it in early March, and FCA’s response. The...
FCA speaks on regulating digital assets
Sarah Pritchard has spoken at the City Week conference on the risks of crypto and the extent to which regulation can help mitigate the risks. She noted that regulation cannot stop all risk. However, the UK regulators...
Raconteur feature on crypto exchanges – see our thoughts
WBD’s Andrew Parsons has been featured in a Raconteur article looking at the evolving risks of crypto exchanges and approaches to regulation.
FSM Bill Committee day 7
On the seventh day of debate in the Lords’ Grand Committee, the Committee: continued its debate on climate issues – including on PRA risk weightings and solvency capital requirements, and a ban on regulated...
FCA takes further action on crypto ATMs
FCA has undertaken an exercise with the Metropolitan Police which has resulted in the discovery of several illegally operating crypto ATMs in East London. FCA is now working with the National Economic Crime Centre to...
House of Lords updates on FSM Bill
Ahead of the seventh day of debate on the FSM Bill in the Grand Committee, the House of Lords has published: a new list of amendments; a letter promised by Baroness Penn to all members on matters raised at the second...
Regulators update Regulatory Initiatives Grid
The Financial Services Regulatory Initiatives Forum has published the sixth edition of the Regulatory Initiatives Grid. The edition was due last November, but has been held back to allow the regulators to consider how...
FSB outlines priorities for the year
The Financial Stability Board has written to G20 Finance Ministers and Central Bank Governors outlining its priorities for the year. At the G20 meeting on 24-25 February, it plans to present papers on: non bank...