Category Archives: United Kingdom

Follow up on the UK FCA's regulatory developments regarding crypto assets, covering MLR registration, financial promotion rules, and compliance practice analysis.

UK FCA Crypto Asset Licensing Channel Opens: Application Period from September 30, 2026 to February 28, 2027 (Detailed Explanation)
UK FCA Crypto Asset Licensing Channel Opens: Application Period from September 30, 2026 to February 28, 2027 (Detailed Explanation)

The UK's FCA opened its cryptocurrency licensing application channel on September 30, 2026, with the window closing on February 28, 2027. Trading platforms, custodians, stablecoin issuers, etc., must comply with...

01
June
The UK FCA has opened applications for regulatory authorization for crypto companies: a timeline and key compliance points for the new regulations in 2027.
The UK FCA has opened applications for regulatory authorization for crypto companies: a timeline and key compliance points for the new regulations in 2027.

The UK Financial Conduct Authority (FCA) opened a regulatory authorization channel for crypto asset companies on September 30, 2026. The application window is open from that date until February 28, 2027. The new regulatory framework is expected to be implemented in 2027.

30
June
The UK's HMRC has issued 8.1 encrypted tax warning letters: Capital gains tax collection and CARF data sharing.
The UK's HMRC has issued 8.1 encrypted tax warning letters: Capital gains tax collection and CARF data sharing.

In the 2025/26 fiscal year, the UK's HMRC issued 81172 tax warning letters to cryptocurrency holders, nearly three times the number from the previous year. The tax arrears stemmed from gains during the 2022-2025 bull market, and the penalties could reach up to 100% of the taxes owed.

27
June
The UK's FCA and the Bank of England have released a tokenization feedback statement, indicating that a roadmap for tokenizing competition in wholesale markets will be released later this year.
The UK's FCA and the Bank of England have released a tokenization feedback statement, indicating that a roadmap for tokenizing competition in wholesale markets will be released later this year.

The UK's FCA and Bank of England released a Tokenization Feedback Statement (FS26/1), summarizing 123 industry responses and committing to a wholesale market tokenization roadmap by 2026. The regulators' push for tokenized collateral, the DSS sandbox's integration with perpetual authorization, and stablecoin-settled asset pilot programs provides direct compliance guidance for licensed institutions planning to enter the UK wholesale tokenization market.

16
June
Amendments to the UK's digital asset strategy passed the House of Lords: Treasury's 12-month legislative timeline and licensing implications.
Amendments to the UK's digital asset strategy passed the House of Lords: Treasury's 12-month legislative timeline and licensing implications.

The UK House of Lords passed Amendment 88 to the Financial Services and Markets Act by a vote of 194 to 138, requiring the Treasury to develop a national digital asset strategy within 12 months of Royal Approval. The strategy covers crypto assets, stablecoins, tokenized securities, and digital financial infrastructure, and includes a review of bank access. The bill still awaits consideration in the House of Commons, where the Labour government opposes it.

15
June
UK court liquidates Key Coin Assets: FCA warns of unauthorized crypto investment scams and advises investors on self-protection.
UK court liquidates Key Coin Assets: FCA warns of unauthorized crypto investment scams and advises investors on self-protection.

On August 11, 2026, the UK High Court ordered the liquidation of Key Coin Assets Ltd. The Insolvency Authority determined that it had no genuine cryptocurrency transactions and that funds were transferred to directors' personal accounts, exhibiting characteristics of a Ponzi scheme. Nine investors lost over £300,000. The FCA has listed it as an unauthorized entity since September 2024, advising investors to use Firm Checker to verify its registration status.

24
June
UK FCA and HTX reach settlement talks in encryption promotion violation case: High Court suspends proceedings until end of August.
UK FCA and HTX reach settlement talks in encryption promotion violation case: High Court suspends proceedings until end of August.

The UK's FCA and HTX have entered into settlement negotiations in a case involving illegal promotion of crypto finance, with the High Court suspending proceedings until the end of August. This is the FCA's first enforcement action targeting exchange marketing, arguing that Huobi Global (Panama) violated Article 21 of the FSMA; merely excluding derivatives without actually preventing trading is insufficient for compliance.

15
June
The Bank of England's Digital Sterling Lab enters Phase Two: Testing of Stablecoins and CBDC in Collaboration for Cross-Border Trade Finance
The Bank of England's Digital Sterling Lab enters Phase Two: Testing of Stablecoins and CBDC in Collaboration for Cross-Border Trade Finance

The Bank of England's Digital Sterling Lab has entered its second phase, collaborating with NOBO Finance, Dun & Bradstreet, and Polygon Labs to test the synergy between public stablecoins and potential digital pounds in cross-border trade finance for SMEs. The experiment does not involve real funds, and the results will be used in a joint assessment of the digital pound by the Bank of England and the Treasury.

14
June
The UK's FCA is working on a specific regulatory framework for tokenized gold: a digital defense for the London gold market.
The UK's FCA is working on a specific regulatory framework for tokenized gold: a digital defense for the London gold market.

The UK's Financial Conduct Authority (FCA) is developing a specific regulatory framework for tokenized gold and has already begun industry discussions with several major banks. London accounts for approximately 70% of global gold trading volume, and facing competitive pressure from Shanghai and Hong Kong, the FCA is consolidating its dominant position in the London gold market by establishing compliance rules. The framework is based on the joint FCA/BoE/PRA policy document of May 18, 2026, and follows the principle of "same risk, same regulation." A standards development plan is expected to be published in the coming months.

11
June
The UK's FCA is proposing a regulatory framework for tokenized gold: a blockchain compliance transformation for the London spot gold market.
The UK's FCA is proposing a regulatory framework for tokenized gold: a blockchain compliance transformation for the London spot gold market.

The UK's FCA is discussing regulatory standards for tokenized gold with major banks such as HSBC and JPMorgan Chase, aiming to promote its use as collateral in the wholesale market. London accounts for 70% of global gold trading, and the tokenization roadmap is expected to generate £330 billion in incremental output for the UK by 2035.

11
June
Ripple makes strategic investments in UK-based ZILO and Licuido: Collateral Liquidity Compliance Framework for FCA-Licensed Tokenized Fund Infrastructure
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03
June
The UK's FCA has released its final rules for regulating crypto assets: the new system will fully take effect on October 25, 2027, and five policy statements establish four pillars for regulation: authorization, prudence, conduct, and stablecoins.
The UK's FCA has released its final rules for regulating crypto assets: the new system will fully take effect on October 25, 2027, and five policy statements establish four pillars for regulation: authorization, prudence, conduct, and stablecoins.

United KingdomFCA于2026年6月30日发布五份加密资产最终政策声明，确立全面监管框架。授权窗口期9月30日至2027年2月28日，强制制度10月25日生效。规则覆盖交易平台、托管商、稳定币发行商与质押服务商，Consumer Duty和FOS首次延伸至零售加密客户。

02
June
HMRC in the UK recovers over £800 million in crypto taxes in two years: A new global tax compliance landscape under the CARF framework.
HMRC in the UK recovers over £800 million in crypto taxes in two years: A new global tax compliance landscape under the CARF framework.

The UK's HMRC, through a three-stage enforcement process involving urging letters, voluntary disclosure services, and the OECD CARF automatic information exchange, reached tax settlements with 502 crypto investors and recovered over £800 million within two years. This article provides an in-depth analysis of the CARF framework's compliance impact on cross-border crypto investors and its proactive disclosure strategies.

24
June
The Bank of England has released its final regulatory framework for systemically important stablecoins: removing limits on individual holdings, setting a £400 billion issuance cap, and requiring compliant operation by 2027.
The Bank of England has released its final regulatory framework for systemically important stablecoins: removing limits on individual holdings, setting a £400 billion issuance cap, and requiring compliant operation by 2027.

On June 22, 2026, the Bank of England released its final policy statement on systemically important stablecoins, removing the £20,000 holding limit for individuals and the £10 million limit for businesses, and setting a new total issuance cap of £40 billion for each stablecoin. The proportion of Chinese government bonds in its reserve assets will increase from 60% to 70%. The FCA will simultaneously operate a stablecoin sandbox (including Revolut, etc.), with the framework expected to be finalized by the end of 2026. Regulated sterling stablecoins are expected to be operational as early as 2027.

23
June
The UK's HMRC (Honda Financial Conduct Authority) has released DeFi tax deferral rules: CGT for crypto lending and liquidity pools will be deferred until economic settlement, and stablecoins will be granted monetary-level tax treatment.
The UK's HMRC (Honda Financial Conduct Authority) has released DeFi tax deferral rules: CGT for crypto lending and liquidity pools will be deferred until economic settlement, and stablecoins will be granted monetary-level tax treatment.

HMRC于2026年7月13日宣布对DeFi借贷和AMM流动性池采用no gain no loss税务处理，CGT递延至经济处置时点。覆盖三种场景，惠及70万United Kingdom加密用户。同日将合格稳定币重新定性为准货币，豁免CGT。新规自2027年4月6日起生效。

23
June
UK IRGC lists crypto companies in Schedule 6A: Delayed identification of linked wallets could face up to 14 years of criminal liability.
UK IRGC lists crypto companies in Schedule 6A: Delayed identification of linked wallets could face up to 14 years of criminal liability.

On July 17, 2026, the UK included the IRGC in Schedule 6A of the National Security Act, creating a new type of criminal risk for crypto compliance: on-chain transfers completed in seconds, but wallet association discovered afterward, could trigger up to 14 years imprisonment. Crypto companies need to establish timelines for evidence of wallet ownership to address this new legal risk parallel to the OFSI sanctions regime.

23
June
The UK's DIGIT digital government bond issuance is imminent in Q1 2027: the on-chain cash settlement gap remains the final obstacle.
The UK's DIGIT digital government bond issuance is imminent in Q1 2027: the on-chain cash settlement gap remains the final obstacle.

The UK Chancellor of the Exchequer confirmed that the first digital government bond, DIGIT, will be issued in Q1 2027, and HSBC's Orion platform has been approved as the first digital securities depository institution. However, the Bank of England's RTGS synchronization service will not be available until 2028, and DIGIT will not be able to achieve a fully closed-loop on-chain DvP settlement in its initial stage. Woolard's first WDMC report outlines nine strategic priorities and recommends that central banks accept DIGIT as collateral for SMF (Securities Management Fund).

23
June
EXMO initiates orderly liquidation due to UK sanctions: 29.4% of user assets are replaced with USDRecover promissory note tokens, setting a precedent for debt tokenization in sanctioned liquidations.
EXMO initiates orderly liquidation due to UK sanctions: 29.4% of user assets are replaced with USDRecover promissory note tokens, setting a precedent for debt tokenization in sanctioned liquidations.

Cryptocurrency exchange EXMO announced in mid-July that it was initiating an orderly liquidation due to UK sanctions, leaving 29.4% of user assets unrecoverable. The platform deducted the shortfall proportionally and compensated the difference with USDRecover promissory note tokens, setting a precedent for the tokenization of debt in sanction-induced liquidations and providing a template for orderly exits triggered by sanctions in the crypto industry.

22
June
TRM Labs discloses HTX's wallet address rotation every few hours after UK sanctions: Technical challenges of compliance circumvention across four public blockchains and a static sanctions screening system.
TRM Labs discloses HTX's wallet address rotation every few hours after UK sanctions: Technical challenges of compliance circumvention across four public blockchains and a static sanctions screening system.

On July 22, TRM Labs disclosed that the HTX exchange, sanctioned by the UK, systematically rotated its hot wallet addresses every few hours across four public blockchains: TRON, Ethereum, BNB Smart Chain, and Solana, rendering traditional static address screening tools largely ineffective. This case reveals a structural flaw in the implementation of sanctions as it migrates from traditional finance to on-chain environments.

22
June
A UK Parliament all-party group launches investigation into banking services in the crypto industry: the issue of de-banking enters legislative review stage.
A UK Parliament all-party group launches investigation into banking services in the crypto industry: the issue of de-banking enters legislative review stage.

The UK's Cryptocurrency and Digital Assets (APPG) launched a cross-party inquiry on July 21, 2026, to examine systemic barriers imposed by UK banks on opening and maintaining bank accounts for crypto businesses. The inquiry, co-chaired by former Digital Economy Minister Lord Wezley and Labour MP Jossan, will collect evidence over six weeks and will assess the proportionality of banking restrictions and their impact on innovation and competition. Background data shows that UK banks have already blocked approximately 40% of payments made through crypto exchanges.

22
June

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