United Kingdom: Closed consultation on Future financial services regulatory regime for cryptoassets including consumer protection regulation

On 30 April 2023, the Government of United Kingdom closed a public consultation titled "Future financial services regulatory regime for cryptoassets", containing proposals for consumer protection regulation in relation to cryptoassets. The proposals include minimum requirements in relation to public offerings or admission of cryptoassets to trading venues. Further, cryptoasset financial intermediaries and custodians would be subjected to consumer protection rules. A cryptoasset market abuse regime which places a strong duty on cryptoasset trading venues to prevent or disrupt market abuses would also be established. Finally, the consultation asks for input on regulation of mining activities and environmental concerns.