Overview
- The Treasury introduced the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 to Parliament, setting October 2027 for crypto activities to fall within the FCA’s regulatory perimeter.
- The FCA’s consultation covers token listings, trading platform standards, market‑abuse controls, broker requirements, staking, lending and DeFi, with feedback due by Feb. 12, 2026 and final rules targeted by end‑2026.
- Alongside the consultation, FCA‑commissioned research shows UK crypto ownership fell to 8% in 2025 from about 12% in 2024, even as average holdings rose among remaining investors.
- The Bank of England’s separate proposals for systemic sterling stablecoins would require at least 40% of liabilities to be held as unremunerated deposits at the Bank, with the balance in short‑dated UK government debt, now out for consultation through February 2026.
- Legal clarity has advanced with the Property (Digital Assets etc) Act 2025 receiving Royal Assent, recognising certain digital assets as personal property under English law and reducing custody and insolvency uncertainty.