Cryptoassets

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This overview is a guide to the Financial Services content within the Cryptoassets subtopic, with links to appropriate materials.

Key concepts relating to cryptoassets

One of the hurdles in relation to understanding non-traditional currencies and assets lies in the inconsistent use of language. Regulators and tax authorities, as well as commentators, refer variously to digital currencies, virtual currencies, cryptocurrencies, and crypto tokens, and it is not always clear whether they are using the terms interchangeably or with the specific meaning of each in mind. The definitions used in the Cryptoassets subtopic largely derive from the European Securities and Markets Authority’s (ESMA) Securities and Markets Stakeholder Group’s (SMSG) October 2018 Own Initiative Report on Initial Coin Offerings and cryptoassets (the SMSG Own Initiative Report) and the UK Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs 2017) (as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 (MLRs 2019)). For more information about these concepts and definitions, see Practice Note: Web 3.0, digital assets and cryptoassets—essentials.

Characteristics of cryptoassets

Even though certain cryptoassets may function like money,

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Latest Financial Services News

OFSI updates general guidance on UK financial sanctions

The Office of Financial Sanctions Implementation (OFSI) has updated its general guidance on UK financial sanctions to include Designated Money Service Businesses as a licensing ground under section 6.6. This licensing ground permits OFSI to issue licences that allow funds to be returned to non-designated persons from designated Money Service Businesses, provided specific conditions are met.

Financial Services weekly highlights—24 July 2025

This week's edition of Financial Services weekly highlights includes: the Supreme Court’s decision in R v Hayes; R v Palombo [2025] UKSC 29, which quashes convictions related to LIBOR and EURIBOR submissions; FCA reports assessing the state of the UK retail insurance market and outlining actions for firms, government and regulators to address identified shortcomings; and the FCA consultation on new deferred payment credit regulation; plus dates for your diary over the coming week.

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Hayes’ ‘unfair’ LIBOR-rigging conviction overturned by UK’s highest court

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