An interactive online resource covering the UK’s rapidly evolving cryptoasset landscape.
By Stuart Davis, Gabriel Lakeman, and Emma Trankeenan
Latham & Watkins has launched the UK Cryptoasset Regulatory Tracker, a new online resource that provides cryptoasset businesses with critical information to help them navigate the latest regulatory developments in cryptoassets.
The UK framework for cryptoassets is shifting, with significant regulatory and legislative developments expected in 2026. The UK government has published draft legislation for cryptoassets, which
Spain follows the trajectory of other EU Member States that have similarly recalibrated their transitional periods since ESMA first published its consolidated list.
By Gabriel Lakeman, Paloma Arizón, and Ivan Pizeta
On 1 December 2025, the European Securities and Markets Authority (ESMA) published an updated list of grandfathering periods decided by EU Member States under the Markets in Crypto-Assets Regulation (MiCA). These transitional periods enable firms currently providing services pursuant to pre-MiCA Virtual Asset Service Provider (VASP) registrations
The proposed legislation will bring cryptoassets into the full scope of UK financial services regulation and enable the UK’s future cryptoasset regime.
By Stuart Davis and Gabriel Lakeman
On 29 April, UK Chancellor Rachel Reeves unveiled draft legislation aimed at regulating cryptoassets at the International Fintech Growth Summit (IFGS) in London, sponsored by Latham & Watkins.
The proposed legislation will bring cryptoassets (including stablecoins) and cryptoasset-related activities in scope of the UK regulatory perimeter, providing the fundamental legislative framework for the UK’s future financial services regime for cryptoassets. When implemented, firms issuing stablecoins, operating cryptoasset trading platforms, and providing custody, brokerage, or dealing services will require full authorisation to conduct activity in the UK.1
A recent statutory instrument aims to remove legal uncertainty surrounding crypto staking and ease blockchain operations.
By Stuart Davis, Gabriel Lakeman, and Emma Trankeenan
On 9 January 2025, the UK Government published the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025 (SI 2025/17) (the Staking SI) and the accompanying explanatory memorandum (the Explanatory Memorandum).
The Staking SI together with the Explanatory Memorandum confirm that arrangements where a firm provides services to stake cryptoassets on
The FinmadiG introduces material implementation measures for the European Digital Finance Package.
By Axel Schiemann and Lasse Winzer
On 18 December 2024, the German Parliament (Deutscher Bundestag) has passed the Financial Market Digitisation Act (Finanzmarktdigitalisierungsgesetz — FinmadiG). The FinmadiG serves as the German implementation of several European rules, inter alia, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) and Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain cryptoassets (FTR). Under the amendments introduced by
The guidelines aim to ensure the consistent application of MiCA across the EU, including a standardised classification of cryptoassets.
By Axel Schiemann, Lasse Winzer, Thomas Vogel, Stuart Davis, and Gabriel Lakeman
On 10 December 2024, the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) (together, ESAs) have published new joint guidelines on explanations and opinions, and the standardised test for cryptoassets, under Article 97(1) of Regulation (EU) 2023/1114 on the Markets in Crypto-Assets Regulation (MiCA).
Article 97(1) of MiCA mandated the ESAs to jointly issue guidelines by 30 December 2024 that specify the content and form of the explanation accompanying the cryptoasset white paper referred to in Article 8(4), and the legal opinions on the qualification of ARTs as per Article 17(1), point (b)(ii), and Article 18(2), point (e) of MiCA.
Online resource provides overview of delegated acts, technical standards, and guidelines for cryptoasset businesses.
Latham & Watkins has launched the Markets in Crypto-Assets Regulation Tracker, a new online resource that provides cryptoasset businesses with critical information to help navigate MiCA — a robust and detailed regulatory framework for cryptoassets.
Since MiCA was first published in the EU Official Journal in June 2023, various delegated acts, technical standards, and guidelines have come into force in different stages. By 30 December 2024
Proposed rule would be implemented by statute and would give primacy to parties’ choice of governing law and jurisdiction.
By Stuart Davis, Nell Perks, and Matthew Unsworth
There is at least a tentative consensus in English law that cryptocurrencies and other digital assets are capable of giving rise to property rights.[1] However, there remains considerable uncertainty around which laws should govern proprietary disputes about digital assets and which courts should have jurisdiction over those disputes.
The Financial Markets Law Committee (FMLC) explained the crux of this problem in their initial report on digital assets in 2018.[2] Traditionally, a question as to rights or entitlement to personal property is governed by the law of the place where the property is situated (lex situs). But this rule is ill-suited to digital assets which, by their nature, are intangible, digitised, and constituted on a decentralised ledger shared across a network of participants in potentially any number of jurisdictions.
Professional investors will benefit from increased exposure to cryptoassets via traditional financial instruments, though retail investors’ exposure remains limited.
By Stuart Davis, Gabriel Lakeman, and Ivan Pizeta*
In the fast-paced world of cryptocurrency, regulatory clarity is essential for both investors and market participants. In March this year, the Financial Conduct Authority (FCA) made a significant announcement regarding listing cryptoasset-backed Exchange Traded Notes (cETNs) in the UK. This decision marks an important step towards greater regulatory clarity in