News, data and analysis on tokenized assets, market design and digital economic systems.
The United Kingdom's economic and finance ministry, which decides which activities sit inside the regulatory perimeter and whose Cryptoassets Regulations of February 2026 brought issuing qualifying stablecoins and safeguarding cryptoassets within FCA authorisation.
The United Kingdom's economic and finance ministry, responsible for public spending, the tax system and financial services policy, including which activities sit inside the regulatory perimeter that the FCA and the Bank of England then supervise. It made the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 in February 2026, bringing dealing in qualifying cryptoassets as principal and as agent, arranging such deals, issuing qualifying stablecoins and safeguarding cryptoassets within the scope of FCA authorisation. A draft amending statutory instrument, consulted on until 22 May 2026, would take UK-issued qualifying stablecoins out of the dealing perimeter for an interim period pending wider payment services reform, while leaving safeguarding and stablecoin lending regulated, a sequencing choice that determines whether a sterling token is treated as an investment or as a means of payment.
Developments in which HM Treasury is a named party, newest first.
UK Finance said on 24 September that the Great British Tokenised Deposit pilots had completed their first live customer transactions: two remortgage completions in which funds were locked and then released automatically, and one consumer marketplace…
London clears most of the world's spot gold, and the regulator wants to know whether tokenizing it would help.
The House of Lords agreed a new clause by 194 to 138 against the government, requiring the Treasury to prepare, publish and consult on a strategy for cryptoassets, stablecoins, CBDCs and tokenised securities within twelve months of Royal Assent.
HM Treasury published the first report of its Wholesale Digital Markets Champion, Chris Woolard, on 13 July 2026.
Two remortgage completions with funds locked and released automatically, and a consumer marketplace purchase, on the platform Quant built for the Great British Tokenised Deposit initiative that UK Finance convenes. Pilots of digital-asset settlement, with coupons paid in tokenized deposits, are expected over the next few months.
The regulator asked by 23 October whether tokenisation could improve how gold is traded, pledged and held, and whether some gold tokens should sit outside the collective investment scheme and alternative investment fund perimeter. It says a token over an allocated bar is more likely outside it and a fractional interest in a pooled bar inside it.
Peers agreed amendment 88 to the Financial Services and Markets Bill [HL] by 194 to 138 against the government, inserting a new clause requiring the Treasury to prepare, publish and consult on a strategy covering cryptoassets, stablecoins, CBDCs and tokenised securities, and to examine the denial of banking and settlement services to digital asset firms.
The Financial Services and Markets Act 2023 became law as 2023 Chapter 29, carrying provisions that bring digital settlement assets within UK payments regulation and create a framework for financial market infrastructure sandboxes. The Act gave HM Treasury the powers on which later secondary legislation for cryptoassets was built.
HM Treasury published a consultation and call for evidence on the UK regulatory approach to cryptoassets and stablecoins, open until 21 March 2021, confirming the government's intention to legislate to bring certain stablecoins used as a means of payment inside the regulatory perimeter. The government published its response on 4 April 2022.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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