United Kingdom: Treasury opened consultation on draft statutory instrument implementing Cryptoassets regulations including authorisation of stablecoins and crypto services

On 29 April 2025, HM Treasury opened a consultation, closing on 23 May 2025, on the draft Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025. The draft Order would introduce provisions requiring authorisation for specified cryptoasset activities, including the issuance of qualifying stablecoins. Regulated activities would include, among others, the custody of cryptoassets, operation of trading platforms, dealing, arranging deals, and staking. It would establish new regulated activities under the Financial Services and Markets Act 2000, requiring any person conducting such activities in or from the UK to be authorised by the Financial Conduct Authority (FCA). It would also define the terms “qualifying cryptoasset” and “qualifying stablecoin.”