The UK government has finally published draft legislation in near-final form to introduce a cryptoasset regulatory regime, which will provide clarity for this sector that has been lacking for so long. Normally we would cover this in a blog post, but given the volume of information we have prepared a client briefing instead which covers the following topics:

• cryptoassets that are expected to fall within the scope of the new regime;
• features of the new regulatory activities in relation to in-scope cryptoassets;
• the territorial scope of these new cryptoasset activities;
• the other related amendments proposed to various pieces of UK legislation; and
• the transitional arrangements for the period before the new regime is effective.

Comments on the draft legislation must be submitted to HM Treasury by 23 May 2025, so anyone wishing to provide technical comments should make sure that they do so before that deadline.