HM Treasury Open consultation: Future financial services regulatory regime for cryptoassets

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Published: February 1, 2023

Summary

This consultation sets out proposals for the UK’s financial services regime for cryptoassets, and marks the next stage of the UK’s phased approach

This consultation closes at
9am on 30 April 2023

Consultation description

In April 2022, the government committed to introducing a new regulatory regime for cryptoassets, reflecting the risks and opportunities they present.

This consultation paper sets out proposals for this future regime and marks the next phase of the government’s approach to regulating cryptoassets. It builds on previous HM Treasury proposals, which focussed on stablecoins and the financial promotion of cryptoassets.

The proposals seek to deliver on the ambition to place the UK’s financial services sector at the forefront of cryptoasset technology and innovation and create the conditions for cryptoasset service providers to operate and grow in the UK, whilst managing potential consumer and stability risks.

The government’s proposed measures have been informed by recent market events – including the failure of FTX – which reinforce the case for effective regulation and sector engagement.

Documents

Future financial services regulatory regime for cryptoassets: Consultation and call for evidence (82 Pages) – Download the PDF here.

About the Foundation

Whilst most CBDC experiments have involved private sector technology providers, the overwhelming majority of these experiments, to date, have not involved participation from other private sector actors. The Digital Pound Foundation is unique in proposing a model whereby the public and private sectors can fully engage in the design, development and adoption of a digital Pound, thus contributing to its successful roll-out and helping drive forward the UK’s transition to a digital economy.

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