HM Treasury consults on regulation of cryptoassets other than stablecoins (February 2023)


HM Treasury has proposed a comprehensive regulatory regime for firms engaging in certain cryptoasset activities. It is enabled by the addition of a new Clause 65 into the Financial Services and Markets Bill (FSMB), which will allow HM Treasury to expand the UK's regulated activities framework to encompass cryptoasset related activities. This latest consultation on wider (non-stablecoin) cryptoassets builds on previous discussion papers and consultations, and complements other proposals in the FSMB to introduce a regime that will allow for the regulation of fiat-backed stablecoins which are used for payments (termed "Digital Settlement Assets").


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