Along with its update on the regulation of fiat-backed stablecoins and the failure of systemic digital settlement asset firms (see related post here), on 30 October 2023, HM Treasury issued a policy statement on its approach to the future regulation of a wider range of cryptoassets. The Treasury’s statement largely confirms that it intends to implement the proposals consulted on in February 2023 – moving to a licensing regime for crypto activities and bringing a…
In a long-awaited update on its plans for the UK’s crypto regulatory framework, on 30 October 2023, HM Treasury issued three interlinked policy documents on the future regulation of crypto, covering fiat-backed stablecoins, the wider cryptoasset regulatory regime, and the failure of systemic digital settlement asset firms. The UK regulators followed shortly after, issuing a set of discussion papers and documents on 6 November 2023 on the forthcoming stablecoin regime, setting out their initial views…
If 2020 was the year that crypto spurred investment action, then 2022 will be remembered for triggering the “equal but opposite” regulatory reaction. And for good reason. With several high-profile insolvencies and an across-the-board fall in cryptoasset prices, regulators have been reminded of the risks that can accompany financial innovation. The Financial Conduct Authority (FCA), alongside HM Treasury and various other government and enforcement actors, have been monitoring developments in crypto markets and considering the…
On 7 January 2021 HM Treasury (HMT) published a consultation and call for evidence on the regulatory approach to cryptoassets and stablecoins. The consultation represents the first stage in HMT’s consultative process on the broader regulatory approach to cryptoassets and stablecoins. The consultation closed on 21 March 2021. Baker McKenzie’s crypto regulatory experts have published a briefing that explores the policy background underlying the consultation, sets out the key points of HMT’s proposals, and provides a comparison to…
Implementation of the EU’s Fifth Money Laundering Directive on 10 January 2020 is now fast approaching. To the Financial Conduct Authority’s long list of responsibilities has been added the role of anti-money laundering (AML) supervisor of UK crypto-asset businesses. With this in mind, the FCA has published a new webpage setting out key information for businesses. This includes the crypto-asset activities likely to fall within scope although these will not be definitely known until HM Treasury publishes…