
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