Emerging crypto regulation in the United Kingdom (“UK”)

On 25 October 2022, the House of Commons voted in favour of adding crypto to the scope of activities to be regulated via the proposed Financial Services and Markets Bill 2022-23 (the “Bill”). The Bill has the aim to treat crypto like other forms of financial assets. The draft Bill already included measures to extend existing regulations to payments-focused stablecoins and outlines why it is important to regulate them…

next steps for firms

As the UK and US continue to deepen ties on crypto regulation and market developments, by identifying the risks and gaps in crypto opportunities and identifying how these can be regulated for the future, the benefits will be: improvement to consumer protection, financial system integrity and financial stability.

For more information, and any guidance or advice on the future of crypto regulation in the UK, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.

To read the full FSMA Bill 2022-23 click here.

To read the full FSOC report click here.

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