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

Upper Tribunal upholds FCA bans and fines three former traders for bond futures manipulation

The Financial Conduct Authority has issued a press release announcing that the Upper Tribunal has upheld the Financial Conduct Authority's (FCA) decision to ban three former Mizuho International Plc traders from financial services and impose fines totalling £381,000 for market manipulation. Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth were found to have engaged in 'spoofing' of Italian Government Bond futures between 1 June and 29 July 2016. The Tribunal confirmed the traders' actions were dishonest and lacked integrity, marking the third recent Upper Tribunal decision supporting FCA enforcement actions.

PRA hosts CFO roundtable on coherent and cost-effective reporting

The Prudential Regulation Authority (PRA) has announced that it hosted a roundtable on 19 May 2025 with chief financial officers from the UK’s largest and most systemic firms to discuss the Future Banking Data (FBD) project. Senior representatives from the Bank of England (BoE) and the Financial Conduct Authority (FCA) also attended. The session focused on gathering feedback on planned deliverables for the year ahead and shaping the longer-term direction of the FBD initiative, which aims to create a coherent, proportionate, and cost-effective reporting framework for UK firms. The PRA plans to continue engagement through trade associations and will provide an update to CFOs in Q3 2025. A multi-year vision for reporting reform is expected by the end of 2025, alongside a discussion paper on data use and challenges.

FCA Jessica Rusu's speech outlines AI-driven vision for 2025–2030 strategy

The Financial Conduct Authority (FCA) has published a speech delivered by its Chief Data, Information and Intelligence Officer, Jessica Rusu, at the AI and Digital Innovation Summit during City Week 2025, outlining how the FCA plans to harness artificial intelligence (AI) and technology to deliver its 2025–2030 strategic priorities. Rusu emphasised that innovation is central to all four pillars of the FCA’s strategy: improving consumer outcomes, reducing financial crime, enhancing regulatory efficiency, and supporting growth. She highlighted the FCA’s commitment to fostering a pro-innovation regulatory environment through initiatives such as the Supercharged Sandbox and AI Live Testing, which are designed to support safe experimentation and deployment of AI in financial services.

Commission adopts Delegated Regulation for identifying main risk drivers under CRR

The European Commission has adopted a Delegated Regulation supplementing the Capital Requirements Regulation (EU) 575/2013 (CRR), establishing a standardised approach for identifying the main risk driver of a financial position and determining whether a transaction constitutes a long or short position. The Delegated Regulation, which will apply from 21 July 2025, is accompanied by an annex that provides detailed tables to support the identification of risk drivers based on factors such as maturity, credit quality and sector. The framework is intended to support more transparent and consistent risk assessments across the EU banking sector.

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