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Other Notable Publications

Up-to-date information, analysis, and source links to help cryptoasset businesses understand and respond to the latest regulatory developments.

Last updated June 2026.

Published

Money Laundering and Terrorist Financing (Amendment) Regulations 2026

Publication Date: 9 June 2026
Regulator: HMT
Description: The regulations substitute a new Schedule 6B that aligns the MLR cryptoasset change in control (CiC) requirements with the FSMA regime, shifting the CiC assessment from the MLR “beneficial owner” concept (individuals with 25%+ of shares or voting rights) towards the FSMA “controller” concept (10% or more of shares or voting rights). The change is staged:

MLR-registered businesses before the FSMA cryptoasset authorisation regime commences: the category of persons required to notify the FCA of a CiC is expanded. Beneficial owners will continue to be required to give notice, in addition to persons who hold 10% or more of the shares or voting power, or who can exercise significant influence over the management of the cryptoasset business. These amendments commence 30 June 2026.
MLR-registered businesses after the FSMA cryptoasset authorisation regime commences: the category of persons required to give notice to the FCA will align with the FSMA controller definition, ensuring consistency between the two regimes. These amendments commence 25 October 2027.

The regulations also make a range of AML amendments, and several target cryptoasset firms directly, including enhanced customer due diligence requirements on cryptoasset exchange providers, custodian wallet providers and correspondent relationships, commencing 1 February 2027. The regulations also prohibit relationships with shell banks and introduce counterparty due diligence requirements when cryptoasset firms enter correspondent relationships. Fit and proper tests for MLR-registered cryptoasset businesses are also amended.

Publication Type: Statutory instrument
Response Date: N/A
Link: Regulations; Explanatory Memorandum

BoE consultation on extending RTGS and CHAPS settlement hours

Publication Date: 18 May 2026
Regulator: BoE
Description: Consultation setting out next steps towards near 24/7 settlement across the BoE’s Real Time Gross Settlement (RTGS) service and Clearing House Automated Payment System (CHAPS). The BoE proposes a staged extension of operating hours, including weekend operation and longer daily hours, with the pace and sequencing subject to consultation responses and industry readiness.
Publication Type: Consultation paper
Response Date: 10 August 2026
Link: BoE consultation

FCA and BoE publish Call for Input on the future of tokenisation

Publication Date: 18 May 2026
Regulator: FCA and BoE
Description: Joint Call for Input on how to support the safe adoption of tokenisation in UK wholesale financial markets, building on the government’s wholesale financial markets digital strategy. The questions focus on tokenised securities such as bonds, equities, and fund units, though the regulators expect to look beyond these in due course. The Call for Input sets out a potential framework for the future use of tokenisation, together with the key infrastructure, policy and regulatory principles the FCA and BoE propose to follow, and makes specific proposals on:

the regime for issuing and exchanging digital assets;
the prudential and collateral treatment of tokenised assets;
central bank money settlement of digital asset transactions;
specified investment cryptoasset custody; and
support for HM Treasury’s DIGIT pilot.

The Call for Input also includes an initial roadmap of supporting initiatives, with a joint response statement expected over the summer and a full cross‑authority roadmap later in 2026 (most resulting rule‑change consultations being anticipated in 2027).

Publication Type: Call for input
Response Date: 3 July 2026
Link: Call for Input

PRA Dear CEO letter on the prudential treatment of tokenised assets, stablecoins and other cryptoasset exposures

Publication Date: 18 May 2026
Regulator: PRA
Description: Letter to banks and designated investment firms updating the PRA’s expectations for managing the prudential risks arising from cryptoasset exposures, in the context of recent developments in tokenised assets, stablecoins, and products linked to the performance of cryptoassets. It updates and replaces the PRA’s March 2022 letter. Firms should continue to apply the risk controls and expectations set out in that letter, while recognising that certain cryptoassets may warrant a more risk‑sensitive treatment.
The key updates are:

as some forms of cryptoasset now pose less significant risks, firms are encouraged to take a more proportionate approach based on the specific risk characteristics of each asset;
firms may use the Basel Committee on Banking Supervision (BCBS) international standard to inform their approach;
tokenised traditional assets should generally receive the same prudential treatment as their non‑tokenised equivalents where the legal rights are identical and the underlying risks comparable, with firms focusing on risk characteristics and outcomes rather than the technology or type of ledger used; and
the updated treatment may be applied to digital issuances within the Digital Securities Sandbox, including the government’s Digital Gilt Issuance Pilot, which the PRA would expect to be treated like traditional government debt where the underlying risks are comparable.

The expectations apply on an interim basis only, pending the PRA’s proposed future framework, on which it expects to consult in 2028 at the earliest. The letter should be read alongside the PRA’s related letter on deposit‑takers’ innovations in deposits, e‑money, and stablecoins.

Publication Type: Dear CEO letter
Response Date: N/A
Link: PRA Dear CEO letter

PRA Dear CEO letter on innovations in the use of deposits, e‑money, and regulated stablecoins

Publication Date: 18 May 2026
Regulator: PRA
Description: Letter to PRA‑regulated firms reaffirming and clarifying the PRA’s expectations on deposit‑takers’ use of deposits, e‑money, and regulated stablecoins, superseding its 2023 Dear CEO letter. The PRA’s principal concern is contagion: where deposits protected by the Financial Services Compensation Scheme (FSCS) and non‑FSCS‑protected forms of digital money share the same brand, problems with one could erode confidence in the other. Deposit‑takers may continue to innovate in the form of deposits (including tokenised deposits) within the deposit‑taking entity, but e‑money or stablecoins should be issued from a separate, non‑deposit‑taking, and insolvency‑remote entity with distinct branding, so that stress or failure of the issuer would not affect the wider group or the continuity of deposit‑taking services.
Supervisors will assess differentiation by reference to the overall customer experience. This includes, naming, branding, access arrangements, and customer information, though a proportionate transitional period may be permitted if a firm demonstrates a credible and timely plan. The PRA regards risks to confidence as lower where holdings are limited to wholesale customers. The Letter should be read alongside the PRA’s related May 2026 letter on the prudential treatment of banks’ cryptoasset exposures.
Publication Type: Dear CEO letter
Response Date: N/A
Link: PRA Dear CEO letter

PS26/7: Progressing fund tokenisation

Publication Date: 30 April 2026
Regulator: FCA
Description: FCA finalised guidance on how authorised fund managers can use distributed ledger technology within the existing authorised funds framework, including the industry-led Blueprint model, and introduced optional direct-to-fund dealing rules.
Publication Type: Policy statement
Response Date: N/A
Link: PS26/7

Property (Digital Assets etc) Act 2025

Publication Date: 2 December 2025
Regulator: UK Parliament
Description: The Act confirms that cryptoassets can be recognised as personal property, even if they do not fit into thetraditional categories of personal property recognised by the law, namely things in possession or things in action.
Publication Type: Enacted legislation
Response Date: N/A
Link: Property (Digital Assets etc) Act 2025; explanatory notes to the bill; MoJ policy paper

CP25/28: Progressing fund tokenisation

Publication Date: 14 October 2025
Regulator: FCA
Description: FCA proposals to enable tokenisation of authorised investment funds, including operational models, guidance for the Blueprint model, and a roadmap for future tokenisation using distributed ledger technology
Publication Type: Consultation paper
Response Date: 21 November 2025 (Chapters 2-4); 12 December 2025 (Chapter 5)
Link: FCA consultation paper

FCA opens retail access to crypto exchange traded notes (ETNs)

Publication Date: 1 August 2025
Regulator: FCA
Description: FCA confirmation that, from 8 October 2025, firms will be able to give retail consumers access to crypto ETNs. These products, previously restricted to professional investors, will be available to individuals through FCA-recognised investment exchanges.
Publication Type: FCA press release
Response Date: N/A
Link: FCA press release

CP25/16: Quarterly consultation paper No. 48

Publication Date: 6 June 2025
Regulator: FCA
Description: Proposed FCA Handbook changes, including lifting cryptoasset exchange traded notes ban
Publication Type: Consultation paper
Response Date: 7 July 2025 (for relevant part of consultation paper)
Link: FCA consultation paper

Digital assets and (electronic) trade documents in private international law including Section 72 of the Bills of Exchange Act 1882

Publication Date: 5 June 2025
Regulator: Law Commission
Description: Call for views on which courts should have jurisdiction, and which law should apply to cross-border matters arising from use of electronic trade documents, digital assets, and distributed ledger technologies
Publication Type: Consultation paper
Response Date: 8 September 2025
Link: Law Commission consultation paper

International payment rails: the value of a harmonised gauge

Publication Date: 6 May 2025
Regulator: BoE
Description: Speech by Sarah Breeden (BoE Deputy Governor for Financial Stability) discussing the proposed framework for regulating stablecoins in the UK
Publication Type: BoE speech
Response Date: N/A
Link: BoE speech

The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025

Publication Date: 9 January 2025
Regulator: UK Parliament
Description: On 31 January 2025, the statutory instrument entered into force, which amends the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001. The key change is that qualifying cryptoasset staking is no longer a collective investment scheme.
Publication Type: Statutory instrument
Response Date: N/A
Link: HMT statutory instrument and explanatory memorandum

Research Note: Cryptoassets consumer research 2024

Publication Date: 26 November 2024 (updated March 2025)
Regulator: FCA
Description: FCA research note on findings from YouGov about cryptoasset consumer research completed on behalf of the FCA
Publication Type: Research note
Response Date Due: N/A
Link: FCA research note

Keynote address at the Tokenisation Summit: UK government approach to tokenisation and regulation

Publication Date: 25 November 2024
Regulator: HMT
Description: Speech on the UK government’s approach to digital assets and its wider cryptoasset strategy, confirming that cryptoasset staking services should not constitute a collective investment scheme. The speech was delivered by Tulip Siddiq, who was at the time the Economic Secretary to the Treasury.
Publication Type: Speech
Response Date: N/A
Link: HMT speech

Final report on digital assets

Publication Date: 30 July 2024
Regulator: Law Commission
Description: Law Commission review of how English law treats digital assets and recommends clearer control and transfer, and a distinct category of personal property to support legal certainty and market development
Publication Type: Final report, supplemental report, and draft bill
Response Date: N/A
Link: Law Commission final report; Supplemental report and draft bill

Decentralised autonomous organisations (DAOs): A scoping paper

Publication Date: 11 July 2024
Regulator: Law Commission
Description: Scoping paper examining how DAOs fit within existing law, identifying governance and liability gaps and outlining options for legal recognition and risk allocation.
Publication Type: Scoping paper
Response Date: N/A
Link: Law Commission scoping paper

Legal statement on digital assets and English insolvency law

Publication Date: 17 April 2024
Regulator: UK Jurisdiction Taskforce (UKJT)
Description: UKJT statement that English insolvency law is reasonably flexible for recent technological developments and can be applied in a conventional and predictable manner
Publication Type: Legal statement
Response Date: N/A
Link: UKJT legal statement

Public consultation − digital assets and English insolvency law

Publication Date: 17 October 2023
Regulator: UKJT
Description: UKJT public consultation requesting experts and public to provide inputs on material issues of concern for stakeholders regarding the application of English insolvency law to digital assets
Publication Type: Public consultation
Response Date: 4 December 2023
Link: UKJT public consultation

Digital assets: Final report

Publication Date: 27 June 2023
Regulator: Law Commission
Description: Law Commission report recommending modernising UK private law to accommodate digital assets — recognising them as personal property via a distinct category
Publication Type: Final report
Response Date: N/A
Link: Law Commission final report and Summary of final report

DP23/2: Updating and improving the UK regime for asset management

Publication Date: 20 February 2023
Regulator: FCA
Description: Discussion paper setting out ideas to modernise fund management regime to improve outcomes for UK markets and consumers, including a dedicated chapter on fund tokenisation
Publication Type: Discussion paper
Response Date: 22 May 2023
Link: FCA discussion paper

Legal statement on the issuance and transfer of digital securities under English private law

Publication Date: 15 February 2023
Regulator: UKJT
Description: Legal statement permitting the circulation of public blockchain without custodians and the on-chain transfer of digital securities, even though a fully decentralised blockchain cannot yet serve as the official register of members
Publication Type: Legal statement
Response Date: N/A
Link: UKJT legal statement

Smart legal contracts – Advice to Government

Publication Date: 25 November 2021
Regulator: Law Commission
Description: Advice paper concluding smart legal contracts are enforceable under English law with minimal reform and provides guidance on formation, interpretation, and remedies
Publication Type: Advice paper
Response Date: N/A
Link: Law Commission advice paper

Legal statement on cryptoassets and smart contracts

Publication Date: 18 November 2019
Regulator: UKJT
Description: UKJT statement outlining that cryptoassets are capable of being property and smart contracts are enforceable. Provides practical implications for transactions (including security interests, transfer mechanics, and electronic execution) and identifies residual areas of legal uncertainty.
Publication Type: Legal statement
Response Date: N/A
Link: UKJT legal statement