United Kingdom: Implemented Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023

On 8 January 2024, the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023, part of the Financial Services and Markets Act 2023, entered into force. The regulations, managed by the Bank of England and the UK Financial Conduct Authority, aim to provide a controlled environment for crypto firms to test new technologies, particularly in the areas of distributed ledger technology and digital assets. The regulations are part of the Financial Services and Markets Act, which includes requirements for crypto firms to follow to operate in the United Kingdom.