GettyImages-1798467474

Firms have six days left to submit their responses to the consultation, which aims to prepare the UK for the emerging “multi-money” ecosystem.

By Brett Carr, Stuart Davis, Christian F. McDermott, Fiona Garrahan, Cameron Jones, and Callum Lee

On 14 July 2026, HM Treasury (HMT) launched its consultation on Modernising Payment Services Regulation, welcoming views on how the UK government should amend the regulatory framework for payment services (Payment Services Regulations 2017 or PSRs)…

GettyImages-1211569874-retouched_3to2
  • The proposed rules would create two new offering exemptions for “covered investment contracts” involving cryptoassets: a Startup Exemption (permitting raises of up to $5 million over a four-year period, with no financial statement requirements) and a tiered Fundraising
…
low angle view of skyscrapers in city of China
  • ESMA has released a Q&A which confirms ESMA’s views that MiCA does not regulate cryptoasset lending and borrowing as specific cryptoasset activities, but that general MiCA obligations do apply to CASPs providing these services.
  • This Q&A is released in the context of increasing regulatory attention to cryptoasset lending and borrowing, including the
…
Abstract financial charts with upward arrow on a blue background. 3D Rendering

Crypto custody services under the microscope: EU regulators turn their attention to compliance with digital operational resilience rules.

By Stuart Davis, Gabriel Lakeman, and Alain Traill

On 8 July 2026, the European Securities and Markets Authority (ESMA) announced the launch of a Common Supervisory Action (CSA) focusing on the digital operational resilience of cryptoasset service providers (CASPs), with a particular emphasis on custody services.

ESMA has framed the initiative as a response to its risk-based supervisory priorities, which…

GettyImages-1798467474

The rules cover trading admission and market abuse, stablecoin issuance, regulated activities, and how prudential and FCA Handbook requirements will apply to cryptoasset firms.

By Stuart Davis, Gabriel Lakeman, Brett Carr, Emma Trankeenan, Cameron Jones, and Imaan Nazir

On 30 June 2026, the FCA published a suite of policy statements setting out the final rules for the UK’s new cryptoasset regime. The publications mark a significant milestone in the UK’s approach to cryptoasset regulation, moving…