UK Cryptoasset Regulatory Tracker

On 10 November 2025, the Bank of England (BoE) published a consultation paper setting out its proposed regime for sterling-denominated systemic stablecoins, providing clarity on categorisation, holding limits, and redemption. The consultation paper focuses on possible future use of such stablecoins in real-world payments and settlements — not their current use to buy and sell cryptoassets — as well as the issuance of such stablecoin by non-banks. 

The consultation paper also addresses various proposed rules and revisions to policy proposals including those relating to backing assets, capital and reserve requirements, holding limits, legal claim, and redemptions, etc.

The consultation paper follows on from the BoE’s November 2023 discussion paper on the regulatory regime for systemic payment systems using stablecoins and related service providers.

On 14 October 2025, the Financial Conduct Authority (FCA) published a consultation paper (CP25/28) outlining proposals to support the adoption of tokenisation in the UK asset management sector. For example, the use of DLT to maintain the unitholder register in new and existing funds and fund services, tokenisation of units, introduction of direct dealing models, etc. The paper follows the FCA’s February 2023 publication, DP23/2, in updating and improving the UK regime for asset management.