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

On 23 May 2025, HM Treasury closes its consultation on the draft Financial Services and Markets Act 2000 (Cryptoassets) Order 2025. The draft Order would introduce provisions requiring authorisation for certain cryptoasset activities, including provisions requiring authorisation of specified cryptoasset services and the issuance of stablecoins The regulated activities would include, among others, the custody of cryptoassets, the operation of trading platforms, dealing, brokering and staking. It would create new regulated activities under the Financial Services and Markets Act 2000 and require any person carrying on such activities in or from the UK to be authorised by the Financial Conduct Authority (FCA). It also introduces the legal definitions of “qualifying cryptoasset” and “qualifying stablecoin.”