May 2025
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This conference examined the future for digital and cryptoassets within the UK, focusing on recent legislative developments and strategies for widening adoption of crypto technologies.
It was an opportunity for key stakeholders and policymakers to assess implications of the Property (Digital Assets etc) Bill currently progressing through Parliament, and to discuss next steps for the regulation of cryptoassets following the publication of draft legislation in April 2025.
Policy and international context
Delegates discussed proposals outlined in HM Treasury’s Cryptoasset Order that would bring crypto exchanges, dealers, and agents within the regulatory scope, as well as activities such as issuing qualifying stablecoin and operating a qualifying cryptoasset trading platform.
With the FCA having set out their Crypto Roadmap in November 2024 and currently consulting on the future regulation of specific crytoasset activities, it was an opportunity to discuss the way forward for effective implementation of rules governing trading platforms, intermediaries, cryptoasset lending and borrowing, staking and decentralised finance.
Further sessions explored the way forward for widening adoption and application of blockchain and distributed ledger technologies in mainstream financial markets. Delegates assessed opportunities for unlocking efficiencies in the payments ecosystem, how singular use cases can be expanded, and priorities for policy and regulation in fostering innovation.
It was also an opportunity to discuss the UK’s regulatory position within international context, with the EU Markets in Crypto-assets regulation having come into full force in December 2024. Delegates considered options for international harmonisation and explored implications of regulatory and policy divergence from the EU and US, with the White House announcing the establishment of a strategic bitcoin reserve in March 2025.
Regulation and clarity
As the FCA expands its regulatory regime for cryptoassets, delegates discussed next steps for the design of trading platform and lending rules. Strategies for tackling market abuse, and the way forward for an industry-led admissions and disclosures regime were also discussed, with HMT announcing that statutory provisions for both regimes will be published in due course.
Discussion also focused on priorities for the regulation of qualifying stablecoins, with a consultation expected from the FCA in the first half of 2025.
Strategies for increasing regulatory certainty - and clarity in distinguishing between stable and speculative assets - were discussed, as well as what industry and investors need to support innovation, and priorities for promoting competition and choice.
Attendees examined key considerations for businesses, investors, and users if a sustainable and safe cryptoasset sector is to be developed and sustained. The agenda also explored the future relationship between financial institutions and digital asset firms, and wider factors affecting the potential for growth in the sector.
Ownership and legal recognition
Delegates considered the recognition of digital assets as personal property, following the Law Commission’s Digital Assets: Final Report, published in June 2023, including potential challenges this presents, such as enforcement difficulties and the need for technological advancements to ensure asset integrity.
Infrastructure and security
The future role of infrastructure providers in the crypto and wider digital ecosystem was examined, with discussion on enhancing privacy and security architectures, and the role of tokenisation in cybersecurity management. Delegates also considered consumer risks and priorities for mitigating against financial and digital exclusion.
Development of the proposed Digital Pound was also discussed, including strategies for its design and potential adoption, looking at addressing privacy concerns highlighted in responses to the Digital Pound Consultation Paper in January 2024.
All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those that attended include officials from Defra; Dstl; DHSC; Defra; DBT; DfT; DfC, NI; HM Treasury; HMRC; NCA; Ofcom; Home Office; the Welsh Government; and The Scottish Government.
