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Key legislative changes unveiled amid ongoing compliance challenges

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Key legislative changes unveiled amid ongoing compliance challenges
Web3/Crypto
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Lord Ponsonby of Shulbrede, Member of the House of Lords | UK Parliament

On November 20, Gherson LLP published an analysis on the evolving regulatory landscape for cryptoassets in the UK, highlighting recent legislative efforts aimed at addressing gaps in oversight. Key developments include the Financial Services and Markets Act 2023 and the proposed Property (Digital Assets) Bill.

“These impending regulatory changes herald a new era for crypto regulation in the UK,” said the report, stressing that firms must remain vigilant in ensuring compliance as the Financial Conduct Authority (FCA) continues its enforcement efforts.

The Financial Services and Markets Act 2023 introduces provisions for stablecoin regulation, granting HM Treasury authority to create an FCA authorisation and supervision regime for stablecoins and giving the Payment Systems Regulator oversight of digital payment systems.

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The Property (Digital Assets) Bill, introduced by Lord Ponsonby of Shulbrede in September 2024, proposes recognizing digital assets as personal property, aiming to modernize property law and provide stronger legal protections in cases of fraud or disputes.

HM Treasury’s October 2023 response outlined broader regulatory measures, including a comprehensive definition of cryptoassets, expanded territorial scope, and enhanced anti-money laundering (AML) standards to improve financial crime prevention and transparency.

Challenges remain in compliance enforcement. In July 2024, the Financial Conduct Authority (FCA) fined CB Payments Limited, a UK branch of Coinbase Group, £3.5 million for weaknesses in financial crime controls. The FCA reported a decline in cryptoasset registration applications, with only one submission last month compared to 32 in the past year and 365 since January 2020.

According to a report by the IMARC Group, the UK cryptocurrency market was valued at USD 267.23 billion in 2023 and is projected to grow to USD 520.2 billion by 2032, with a compound annual growth rate (CAGR) of 7.30% between 2024 and 2032.

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Executive Chairman of Strategy: Public firms added ~131K BTC in Q2, boosting their bitcoin holdings by 18%