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The growth of cryptocurrencies and other cryptoassets has led to a corresponding rise in novel legal issues. These include the tracing of cryptoassets, the regulation of crypto-to-fiat stablecoins, and the application of sales regulations (including financial promotions rules) and consumer protection and distance selling laws to these products and activities.

UK Crypto Thought Leaders Every Investor Should Know

Unlike traditional currencies issued and overseen by central banks, cryptocurrencies are developed and run by groups, individuals or companies. They are not backed by any government or central bank and, as such, have no intrinsic value in themselves. Consequently, they are subject to a number of regulatory risks, including money laundering and terrorist financing.

In response to the evolving market, the FCA has launched a series of TechSprint events (the first phase was expected during 2024 and the second in 2025). These are intended to bring together industry participants to collaboratively develop technology-based ideas or proofs of concept to address specific business challenges.

These events will also explore whether certain crypto-to-fiat stablecoins should be regulated in the UK as a financial product under the Financial Conduct Authority’s regulatory powers, and whether they should be marketed via a prospectus or on a regulated exchange, with compliance obligations.