The first half of 2025 brought significant developments in the regulation of digital and cryptoassets in the UK and EU. In this half-year update, we review these and look ahead to likely developments in the UK and EU in the...more
Key developments of interest over the last month include: the UK government publishing a pro-growth Action Plan for regulators and regulation, including pledges from the FCA of relevance to payments and digital assets firms;...more
In a previous alert, we identified that the definition of a collective investment scheme (CIS) could capture on-chain staking, and that the UK government, acting through the HM Treasury (HMT), was looking to clarify the...more
Key developments of interest over the last month include: the U.S. Consumer Financial Protection Bureau publishing a final rule on federal supervision of Big Tech and other widely used digital payment apps; the UK FCA...more
The Chancellor of the Exchequer’s Mansion House speech on 14 November 2024 and the National Payments Vision—published on the same day—set out key policy initiatives regarding the future of the UK financial services sector....more
Key developments of interest over the last month include: the European Parliament’s ECON Committee adopting draft reports on the European Commission’s PSR and PSD3 legislative proposals; ESMA consulting on 'reverse...more
On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more
The Bank of England and HM Treasury are consulting on the model for a UK retail central bank digital currency (CBDC) or ‘digital pound’ that would sit alongside, not replace, cash. On the basis of their work to date, both the...more
On 1 February 2023, HM Treasury published a long-awaited consultation paper and call for evidence setting out proposals for the UK’s financial services regulatory regime for cryptoassets. The proposals mark the next stage of...more
In a departure from recent proposals to bring certain cryptoassets into the scope of the Financial Promotion Order, the government intends to introduce a bespoke temporary exemption for financial promotions relating to...more
Following the call for evidence issued in January 2021, the U.K. government has confirmed that it will bring the issuing or facilitating the use of stablecoins used as a means of payment into the U.K. regulatory perimeter, in...more
Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 9 March 2022, President Biden signed...more