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Melody Hoay

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Melody Hoay is an associate in the Financial Services & Regulatory Group in the London office. Melody's regulatory experience covers payments, cryptocurrency, ESG, capital markets, asset management, financial advisory and anti-money laundering work in the UK and Singapore. Prior to joining Baker McKenzie, Melody practised law at one of the largest leading law firms in Singapore in the financial regulatory and fintech team, and through that capacity was also a member of the legal team sitting on the ExCo of the Singapore FinTech Association in 2021. Melody has also given various talks on financial regulation, including two guest lectures on cryptocurrency regulation at a Singapore university. Melody graduated from the University of Oxford with a B.A. (Hons) in jurisprudence in 2017. She also topped the national Singapore Bar Examinations in 2019 and qualified in Singapore.

Following its February 2023 consultation and call for evidence on a future financial services regulatory regime for cryptoassets, HM Treasury issued its policy statement on the wider cryptoasset regulatory regime on 30 October 2023. The policy update was published alongside a flurry of publications on the regulation of cryptoasset services, including interlinked policy documents covering regulation of fiat-backed stablecoins and the failure of systemic digital settlement asset (DSA) firms. This briefing covers the so-called “Phase 2” regulation of wider cryptoasset activities.

Following its February 2023 consultation and call for evidence on a future financial services regulatory regime for cryptoassets, HM Treasury issued its policy statement on the wider cryptoasset regulatory regime on 30 October 2023. The policy update was published alongside a flurry of publications on the regulation of cryptoasset services, including interlinked policy documents covering regulation of fiat-backed stablecoins and the failure of systemic digital settlement asset (DSA) firms. This briefing covers the so-called “Phase 2” regulation of wider cryptoasset activities.

In a long-awaited update on its plans for the UK’s crypto regulatory framework, on 30 October 2023, HM Treasury issued three interlinked policy documents on the future regulation of crypto, covering fiat-backed stablecoins, the wider cryptoasset regulatory regime, and the failure of systemic digital settlement asset (DSA) firms. This briefing covers stablecoin regulation and the failure of systemic DSA firms.