On 4 February 2024, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 were made, establishing a comprehensive regulatory framework for cryptoassets in the UK. Under this new regime, cryptoasset firms falling within scope will be subject to regulatory requirements, including, where relevant, authorisation by the FCA. The Cryptoassets Regulations define the categories of cryptoassets and activities subject to regulation, expand the scope of the financial promotions regime to align with the new regulated activities, and make provision for rules relating to market abuse and public offers. The new regime will take effect on 25 October 2027, with the authorisation gateway opening in September 2026. UK cryptoasset firms should review their current and planned activities to determine if they fall within the scope of the new regime, and those seeking authorisation should start engaging with the process now to ensure they are prepared to move quickly once the gateway opens.

Baker McKenzie’s Global Financial Services Regulatory Guide has been fully revised for 2024 and covers 35+ jurisdictions worldwide, making it our most expansive edition to date. The Guide acts as a quick reference tool when distributing financial products and offering services into new markets, providing a comprehensive summary of regulations applicable to banks and other financial services companies around the world. This expanded edition includes the rapidly growing area of cryptoassets, AML and CFT supervisors, and the extension of regulation to critical third-party outsourcers. Given the pace of regulatory change in this domain, staying informed is critical for market participants. Baker McKenzie is exceptionally well-positioned to simplify the complexity and provide expert guidance.