Cryptoassets

Cryptoassets

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

PDP publishes update on progress of pensions dashboards

The Pensions Dashboards Programme (PDP) has published an update report that details progress on pensions dashboards. The report documents that in April 2025 the first pension provider connected successfully—a key milestone as efforts continue across pension providers, schemes, third‐party administrators, and integrated service providers. It explains that newly approved standards for secure data sharing will oversee the connection process, and that the MoneyHelper pensions dashboard is set to launch publicly ahead of any private sector options.

ECB postpones amendment to TARGET Guideline

The European Central Bank has postponed the amendment to the TARGET Guideline, which would have permitted non-bank payment service providers to access the TARGET system. The postponement arises from delays in certain euro area countries transposing the required amendments to the Settlement Finality Directive and the Payment Services Directive into national legislation. The amendment, as set out in Decision ECB/2025/2, is scheduled to take effect in October 2025, addressing legal uncertainties regarding the eligibility of non-bank payment service providers for accessing payment systems such as T2 for standard payments and TIPS for instant retail payments. National central banks maintain the ability to grant access to other national payment systems in jurisdictions where the relevant legislative amendments have been implemented, and non-bank payment service providers are advised to consult their respective national central banks for further information.

FCA publishes Financial Lives 2024 survey report

The Financial Conduct Authority (FCA) has published its Financial Lives 2024 survey report, which presents findings on the financial resilience of UK consumers. The report shows that a significant portion of the population lacks cash savings, with one in ten individuals having none and 21% possessing less than £1,000 for emergencies. Additionally, the survey shows that one in four people experience challenges in maintaining financial commitments, often resulting in missed payments. The report notes that access to debt advice services has been associated with improved management of financial pressures for 61% of users. The FCA states that it has observed progress in banking access, evidenced by increased current account ownership and a reduction in digital exclusion from 14% in 2017 to 2% in the current study.

Financial Services—other developments (16/5/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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