Legislation & Regulation

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The proposed legislation will bring cryptoassets into the full scope of UK financial services regulation and enable the UK’s future cryptoasset regime.

By Stuart Davis and Gabriel Lakeman

On 29 April, UK Chancellor Rachel Reeves unveiled draft legislation aimed at regulating cryptoassets at the International Fintech Growth Summit (IFGS) in London, sponsored by Latham & Watkins.

The proposed legislation will bring cryptoassets (including stablecoins) and cryptoasset-related activities in scope of the UK regulatory perimeter, providing the fundamental legislative framework for the UK’s future financial services regime for cryptoassets. When implemented, firms issuing stablecoins, operating cryptoasset trading platforms, and providing custody, brokerage, or dealing services will require full authorisation to conduct activity in the UK.1

By Gail Crawford and Ulrich Wuermeling

As the whole world now knows, the UK voted to leave the European Union (EU) in its historic referendum on 23rd June by a vote of 51.9 percent in favour of “leave” to 48.1 in favour of “remain”. This blog focusses on how that decision will impact both UK and global organisations’ compliance with data protection law.

The referendum does not start the exit process. To formally start the exit process, the UK has to serve notice under Article 50 of the Treaty on the European Union which triggers a period for negotiation of the terms of the UK’s exit; with exit taking effect once those negotiations have concluded, or after two years (if sooner), irrespective of what terms have (or have not) been agreed. The two year cut-off period can only be extended with unanimous consent from all EU member states.