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

ESMA selects first EU bond CTP

The European Securities and Markets Authority (ESMA) has selected Ediphy (fairCT) as the first consolidated tape provider (CTP) for bonds in the EU. Over the last six-months, ESMA assessed applications against the criteria list in MiFIR and Ediphy (fairCT) was selected for meeting all requirements and obtaining the highest overall score. ESMA’s executive director, Natasha Cazenave, described the decision as a decisive step towards establishing consolidated tapes in the EU, enhancing transparency within fixed income markets and contributing to the Savings and Investment Union. ESMA is now inviting Ediphy (fairCT) to apply for authorisation, after which it will operate as the CTP for bonds for a period of five years under ESMA’s direct supervision.

Barclays car finance appeal must wait for top court ruling

Law360, London: Barclays' application to overturn a ruling by the Financial Ombudsman Service (FOS) on motor finance commissions was delayed on 1 July 2025, as the Court of Appeal adjourned the case to await a high-stakes judgment from the UK Supreme Court.

ISDA and Ant International publish report to transform cross-border FX settlements

The International Swaps and Derivatives Association (ISDA) and Ant International have jointly led the development of a new industry report under the Monetary Authority of Singapore's (MAS) Project Guardian exploring the use of tokenised bank liabilities and shared ledger technology for cross-border payments and foreign exchange (FX) settlement. The report sets out design principles aimed at standardising industry practices and enhancing interoperability, accompanied by robust risk management frameworks and detailed use cases for real-time, 24/7 FX settlement. It addresses key challenges in the current system, including limited settlement windows, time zone delays, and high transaction costs that total an estimated US$120bn annually, by proposing a framework that could reduce costs by 12.5% and save businesses more than US$50bn by 2030. Contributors include BNY, HSBC, OCBC and the Global FX Division of GFMA, with ongoing efforts to expand use cases and support integration with existing banking systems to serve the digital economy.

PRA publishes policy statement PS8/25 finalising changes to UK capital buffers framework

The Prudential Regulation Authority (PRA) has published policy statement PS8/25, setting out its final policy on amendments to the UK capital buffers framework. The changes follow consultation paper CP10/24, published in September 2024, and aim to streamline certain policy materials for improved clarity and usability. A key update is the introduction of a new statement of policy (SoP) outlining the PRA’s approach to identifying Global Systemically Important Institutions (G-SIIs) and setting G-SII buffers. PS8/25 also includes amendments to SoPs of Other Systemically Important Institutions (O-SIIs) reporting instructions for G-SII buffer rates, and consequential changes to PRA rules and technical standards. The changes will take effect from 31 July 2025, in line with the commencement of the Capital Buffers and Macro-prudential Measures Regulations, SI 2025/572.

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