The United Kingdom’s financial regulators are facing mounting pressure to accelerate the introduction of comprehensive cryptoasset regulations. As the global financial landscape rapidly evolves, industry leaders and market participants are urging UK authorities to act swiftly, warning that delays could result in the country losing its competitive edge in the digital finance sector. The urgency is underscored by the fact that other major jurisdictions, such as the United States, the European Union, and Singapore, have already made significant strides in establishing clear regulatory frameworks for cryptocurrencies and related technologies.
The Current State of UK Crypto Regulation
The UK is currently in the midst of a multi-phase consultation process aimed at constructing a robust regulatory regime for cryptoassets. The Treasury (HMT) and the Financial Conduct Authority (FCA) are leading this effort, with a series of consultation papers addressing various aspects of the crypto ecosystem. These include stablecoins, custody, prudential requirements, conduct standards, market abuse, and trading platforms. The consultation process is modular, with each paper focusing on a specific area, allowing for detailed and targeted feedback from stakeholders.
Despite these efforts, the full regulatory framework is not expected to be implemented until the end of 2026. Until then, existing regulations, such as anti-money laundering (AML) requirements and financial promotions rules, will continue to apply to cryptoasset service providers operating in or marketing to the UK. This interim period has created uncertainty for businesses and investors, who are eager for clarity and a stable regulatory environment.
Industry Frustration and Competitive Pressure
The pace of regulatory development in the UK has drawn criticism from private-sector financial technology representatives. At a recent conference organized by Innovate Finance, industry leaders expressed their frustration with the slow progress. Laura Navaratnam, UK policy lead at the Crypto Council for Innovation, warned that the UK has only a narrow window to get its regulatory approach right. She emphasized that the country is lagging behind other jurisdictions, which have already established more advanced and comprehensive frameworks.
Andrew MacKenzie, CEO of Agant, a UK-based aspiring GBP stablecoin issuer, echoed these concerns. He pointed out that the UK is not just behind the US and the EU but also trailing behind emerging financial hubs like Singapore and Abu Dhabi. MacKenzie noted that while the UK has the opportunity to learn from the experiences of other countries, there is no excuse for not delivering a high-quality regulatory framework. He stressed that the UK’s position as a global leader in financial services is at risk if it fails to act quickly and decisively.
The Importance of Stablecoins and Tokenisation
Stablecoins, which are cryptoassets pegged to a single fiat currency, are a key focus of the UK’s regulatory efforts. The proposed regime will require stablecoin issuers to be authorized by the FCA and comply with new rules. This is particularly important as stablecoins are increasingly being used for everyday payments and in core financial markets. The Bank of England is also expected to publish a consultation on the systemic stablecoin regime, which will consider the standards that widely used UK stablecoins should meet. One of the most contentious issues is the proposed cap on stablecoin ownership, which would limit individual holdings to between £10,000 and £20,000 and business holdings to £10 million. This cap has faced heavy criticism, with many arguing that it would make the UK’s rules much stricter than those in the US or the EU.
Tokenisation, the process of converting assets into digital tokens, is another area of significant interest. The FCA has recently issued a consultation paper on fund tokenisation and direct-to-fund dealing, which applies to authorized funds such as UCITS and AIFMs. These proposals aim to provide a clear regulatory framework for the tokenisation of financial assets, enabling greater innovation and efficiency in the market. The consultation period for these proposals closes in November 2025, and the final rules are expected to be published in 2026.
The Impact on Retail Investors and Financial Products
The regulatory changes are also having a direct impact on retail investors and the availability of new financial products. From October 8, 2025, changes to FCA rules have allowed retail investors to access cryptoasset Exchange Traded Notes (cETNs). These products, which were previously restricted to professional investors, can now be held within Individual Savings Accounts (ISAs) and registered pension schemes. This move is designed to support long-term savings and investment habits, while also recognizing the evolving nature of digital finance. The government plans to keep the inclusion of cETNs in tax-advantaged accounts under review, with the aim of including them in the stocks and shares ISA at a later date as the market matures and consumer understanding deepens.
The Need for a Balanced Approach
The UK’s regulatory approach must strike a balance between fostering innovation and protecting consumers. On one hand, a clear and supportive regulatory framework can attract investment, drive technological advancement, and position the UK as a leader in the digital finance sector. On the other hand, overly restrictive or slow-moving regulations can stifle innovation, drive businesses away, and undermine the country’s competitive position.
Industry leaders are calling for a more agile and responsive regulatory process, one that can adapt to the fast-paced nature of the crypto market. They argue that the UK should leverage its strengths, such as its well-established financial infrastructure and deep pool of talent, to create a regulatory environment that is both robust and flexible. This would not only benefit the UK but also contribute to the global development of a safe and efficient digital finance ecosystem.
Conclusion: The Path Forward
The UK stands at a critical juncture in its journey to become a leading hub for digital finance. The pressure to accelerate crypto rulemaking is not just a matter of regulatory compliance but a strategic imperative. By acting swiftly and decisively, the UK can seize the opportunity to shape the future of the global crypto market, attract investment, and foster innovation. The coming months will be crucial, as the final rules and regulations are developed and implemented. The success of this endeavor will depend on the ability of regulators to listen to industry feedback, learn from international best practices, and deliver a regulatory framework that is both effective and forward-looking.
資料來源:
[1] www.globallegalinsights.com
[3] www.gov.uk
[4] www.globalgovernmentfintech.com
[6] www.fca.org.uk
[7] www.jdsupra.com
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