Clifford Chance

UK cryptoasset regulation: what is the impact of the new draft law?

8 May 2025

On 29 April 2025, HM Treasury (HMT) published a draft statutory instrument which will create a new UK regulatory regime for cryptoassets, including stablecoins. An accompanying policy note has also been published. Technical comments can be submitted by 23 May 2025, with the legislation due to be finalised by the end of the year.

In this briefing, we consider what cryptoassets and activities will be caught by the new regime. We highlight some issues that may need clarification and outline what firms might do now to prepare.

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