The Law Commission has been consulting on potential law reform around digital and other novel assets. The proposed legislation would implement the recommendation in the Law Commission’s Digital Assets Report for statutory confirmation of the existence of a “third” legal category of personal property, capable of accommodating new forms of asset (such as cryptotokens and VCCs). The purpose of the legislation is to provide increased certainty and confidence to the market regarding how such assets will be treated under English and Welsh law, thereby enhancing the UK’s attractiveness as a plac ..read more

Representatives from across the crypto industry in the UK met in the Houses of Parliament on Monday 4th March to discuss the sector’s regulatory framework and the Government’s stated goal of becoming a global cryptoasset hub. The meeting was hosted by the Crypto and Digital Assets All Party Parliamentary Group (APPG), which is chaired by MP Dr Lisa Cameron. Lord Taylor of Warwick, Lord Cromwell and Baroness Uddin were also in attendance as well as CryptoUK, which is the Secretariat of the APPG. The attendees also heard from Simon Knight of MoonPay, Rebecca Rogers of B2C2, and Sean Kiernan of G ..read more

CryptoUK (“CUK”, “we”) and its members welcome the opportunity to comment on the Discussion Paper regarding the proposed approach to stablecoin regulation in the United Kingdom (“UK”). CUK is the UK’s self-regulatory trade association representing the cryptoasset sector. Our members comprise leading companies from across the sector.  In responding to the Discussion Paper, we set out the views of our members and others in the community. We seek to offer pragmatic and relevant suggestions as to how we believe the Financial Conduct Authority (“FCA”) could implement a new regulatory regime th ..read more

On 27th April 2023, CryptoUK (“CUK”, “we”, “us”) and our members submitted our collective response (“CP Response”) to the consultation paper on the proposed future financial services regulatory regime for cryptoassets (the “Consultation Paper”) published by His Majesty’s Treasury (“HM Treasury”). We are grateful for the opportunity to submit our CP Response, but per our answers to questions 35, 45, and 46, many of our members felt that the issues surrounding the regulation of staking were complex and nuanced enough to require further deliberation and discussion in this Letter. For ease of refe ..read more

CryptoUK is proud to have worked alongside several UK industry bodies to publish the ‘Digital Currency Glossary’. This is a document created to demystify the language within new forms of digital money. Digital currencies have been gaining rapid momentum over the past few years and have the potential to change how society thinks about and uses money. There is no doubt that this is an area of growing interest for many consumers, merchants and financial institutions. The adoption of new forms of regulated digital money across the globe will open many opportunities for the UK to remain competitive ..read more

HM Treasury (HMT) has today published its eagerly awaited response to the consultation and call for evidence on the ‘Future Financial Services Regulatory Regime for Cryptoassets’, it provided an update on plans for the regulation of fiat-backed stablecoins and also shared its response to the consultation on ‘Managing the Failure of Systemic Digital Settlement Asset (Including Stablecoin) Firms’.  Response to the ‘Future Financial Services Regulatory Regime for Cryptoassets Consultation The government’s economic and finance ministry received a total of 131 responses to the consultation fro ..read more

CryptoUK response to the HMT Cryptoasset Promotions Consultation Introduction This consultation seeks views on a government proposal to bring the promotion of certain types of cryptoassets within scope of financial promotions regulation. The measure is intended to enhance consumer protection, while continuing to promote responsible innovation. Separately, the government is also consulting on proposals to strengthen the Financial Conduct Authority’s (FCA) ability to ensure the approval of financial promotions of unauthorised firms operates effectively. CryptoUK has also filed a response to this ..read more

From 8th – 11th October 2023, the CryptoUK team attended the Labour Party Conference in Liverpool to engage with senior party officials, MPs, staffers and policymakers and contribute to a number of important policy discussions relating to the UK’s crypto and digital asset industry. CryptoUK also hosted a fringe event, the first of its kind for our sector, where, together with our members Circle, Curveblock and Zumo, we explored  ‘A Fairer Future For Money’ with a large and engaged audience. Policy prioritiesParticipation in the conference allowed us to better understand the pillars of the ..read more

From 1-4 October 2023, the CryptoUK team attended the Conservative Party Conference in Manchester to engage with key decision-makers and contribute to a number of important policy discussions relating to the UK’s crypto and digital asset industry. CryptoUK participated in two key forums and many bilateral meetings with influential MPs, staffers and policymakers throughout the 4-day conference.  SME Day – Sunday 1st OctoberOn Sunday CryptoUK attended the SME Day – a series of roundtable discussions with SME business leaders and Government ministers focused on the importance of small busine ..read more

April 2021 The Global DeFi Alliance have written an open letter to the Financial Action Task Force in reference to the Regulatory Principles for Decentralised Finance protocols.  You can read the open letter in full here. The post The Global DeFi Alliance Open Letter To The FATF (Apr 21) appeared first on CryptoUK ..read more