Today HM Treasury announced that crypto-asset legislation will apply from 2027. The government introduced the final version of a statutory instrument to parliament that will implement the framework, with the instrument expected to come into force in 21 days. However, firms won’t need to comply with the rules until 2027, after the Financial Conduct Authority (FCA) publishes detailed regulatory requirements.
“By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high skilled jobs here in the UK, while giving millions strong consumer protections, and locking dodgy actors out of the UK market,” said Rachel Reeves, the Chancellor of the Exchequer. The announcement also mentioned ongoing work with the US on crypto as part of the Transatlantic Taskforce.
The core of the legislation was published in an April draft statutory instrument. It introduced seven new activities linked to crypto-assets, but sidesteps decentralized finance (DeFi).
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