UK Crafts Crypto Rules to Balance Innovation and Investor Trust
The UK government has taken a decisive step toward establishing a robust regulatory framework for cryptoassets, aligning with its ambition to foster innovation while ensuring market integrity. On 29 April 2025, HM Treasury published the Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 (the draft SI), alongside a policy note outlining the intended scope and objectives[1]. This follows a 2023 consultation and a formal government response in October 2023, confirming the UK’s commitment to a tailored regulatory regime for cryptoassets. The draft legislation introduces new regulated activities, including stablecoin issuance, cryptoasset trading platform operations, and staking arrangements, bringing these services under the Financial Conduct Authority (FCA)’s oversight. The FCA is expected to finalize its detailed rules by 2026, with implementation slated for a later date[2].
The regulatory framework defines "qualifying cryptoassets" and "qualifying stablecoins" as the primary categories subject to oversight. These are subcategories of broader "cryptoassets" under the Financial Services and Markets Act 2000 (FSMA), excluding tokenized securities, e-money, or deposits[1]. The regime mirrors existing regulations for traditional assets, requiring crypto firms to meet standards on transparency, consumer protection, and operational resilience. For instance, stablecoin issuers must hold backing assets in a statutory trust and provide redemption terms to holders[2]. Custodians of qualifying cryptoassets must segregate client assets from their own and maintain accurate records, addressing long-standing concerns about asset security[2].
Territorial scope is a critical aspect of the framework. The draft SI extends regulatory requirements to overseas firms engaging with UK consumers, requiring them to obtain FCA authorization for activities such as trading platform operations or staking arrangements[1]. However, exemptions exist for firms dealing exclusively with institutional clients or those operating through UK-authorized intermediaries. This approach balances the need to protect UK retail investors with the goal of maintaining the UK’s appeal as a hub for international crypto firms[2]. The FCA has also proposed exemptions for certain principles, such as "acting with integrity," to accommodate the unique risks and innovation dynamics of the crypto sector[3].
Prudential and conduct requirements are being developed alongside the regulatory perimeter. The FCA’s consultation papers (CP25/14 and CP25/15) outline proposed prudential rules for cryptoasset firms, including capital adequacy, liquidity management, and concentration risk monitoring[2]. For example, firms issuing qualifying stablecoins must hold minimum capital and adhere to "K-factor" requirements to absorb potential losses. The FCA’s discussion paper (DP25/1) also addresses risks in lending and borrowing platforms, proposing restrictions on retail access to these products unless risk mitigation measures are robust[2]. Additionally, the regulator is exploring limits on using credit to purchase cryptoassets, such as restricting credit card transactions, to prevent unsustainable debt accumulation[3].
The timeline for implementation remains fluid. HM Treasury seeks technical comments on the draft SI by 23 May 2025, with final legislation expected by year-end[1]. The FCA plans to finalize rules for trading platforms, intermediation, and DeFi by 2026, allowing firms time to prepare for authorizations[2]. Industry feedback on these proposals, due by 13 June 2025 for DP25/1 and 31 July 2025 for CP25/14/15, will shape the final regime. Analysts note that while the UK’s approach diverges from the EU’s MiCA framework by integrating cryptoassets into existing regulations, the emphasis on clarity and proportionality could enhance the UK’s competitiveness as a crypto innovation hub[1].
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