HMT publishes plans to regulate cryptoassets

HM Treasury (HMT) published proposals for a future regulatory regime for cryptoassets on 1 February 2023. The consultation paper builds on previous HMT proposals, which focussed on stablecoins and the financial promotion of cryptoassets.

The consultation sets out the government's approach to cryptoassets and lays out which activities will be brought into the regulatory framework. For each of those activities the consultation paper details key design features firms will need to comply with such as prudential requirements, custody, operational resilience, consumer protection, location policy and data reporting.

Download this At a glance to see our summary of HMT’s consultation, and its potential implications for firms.