For individuals and entities:

Guidance: Information you'll need to give to UK cryptoasset service providers

For cryptoasset service providers:

Guidance: Check if you'll need to report cryptoasset data to HMRC

Guidance: Collecting cryptoasset user and transaction data

Guidance: Reporting cryptoasset user and transaction data

Deadline for comments is 13 June 2025.

See also our article UK: FCA issues Discussion Paper on regulating new cryptoasset activities

The Order is accompanied by a Policy Note explaining the policy intention behind the draft Order. HM Treasury is welcoming technical comments on the draft Order until 23 May 2025.

For more information, see our article UK: HMT publishes draft Statutory Instrument on cryptoasset activities.

See our article UK FCA Annual Work Programme 2025/26 – what this means for digital assets and blockchain for an analysis on what the programme means for the digital assets space. 

1. The government has asked the UKJT to establish an expert group to produce non-binding guidance on the legal concept of "control" in relation to digital assets. The Property (Digital Assets etc) Bill currently before Parliament implements the Law Commission's recommendation that legislation be introduced to confirm the existence of a "third category" of personal property rights, capable of accommodating digital assets. One of the issues identified by the Law Commission was that the concept of "control", as opposed to "possession", was appropriate to digital assets. However, because of the complexity of the concept of control, the Law Commission recommended the appointment of an expert panel to publish non-binding guidance.
2. The UKJT will produce a legal statement on liability for harm caused by AI systems and whether the law of tort is adequate to provide redress for harms caused by AI.
3. The UKJT is working on the formation of an International Jurisdiction Taskforce. The aim is to bring together experts from the major private law jurisdictions to explore possible private law alignment between those jurisdictions in the context of digital assets and digital trading.

In the UK, although cryptoasset staking is not expressly regulated under financial services legislation, under the previous rules certain staking arrangements (depending on the exact operating model) had the potential to meet the definition of CIS and therefore fall within the applicable regulatory perimeter. This has caused concerns in the industry regarding the ability to offer staking services without being in breach of existing regulatory requirements that were not developed with such new business models in mind.

To address these concerns, the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025 inserts a new paragraph 22 into the Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001, which states that “arrangements for qualifying crypto-asset staking” are excluded from the meaning of CIS as defined under FSMA 2000.

For more on this development, see our article.