What we think

Part 1: SwanFS Report on UK Progress to Implement Cryptoasset Regulation 1. Executive Summary The UK Financial Conduct Authority (FCA) is finalising a comprehensive, FSMA-based regulatory regime for cryptoassets. Transitioning from a limited perimeter focused on Anti-Money Laundering (AML) and financial promotions, the FCA is implementing a full-scale conduct, prudential, and market integrity framework under the Designated Activities Regime (DAR) and the expanded regulatory p

1. Executive Summary The Financial Conduct Authority (FCA) has concluded its introductory webinar outlining the definitive roadmap for the UK’s transition from the limited Money Laundering Regulations (MLR) to a comprehensive Financial Services and Markets Act (FSMA) regime. The headline message is critical:  The regulatory bar has been raised significantly. There is no automatic transfer (“grandfathering”)  for currently registered firms. Every Crypto Asset Service Provider

Executive Summary The Royal Assent granted to the Property (Digital Assets etc.) Act 2025 on December 2, 2025, marks a significant turning point in the history of English private law. Although this legislation is relatively brief, it has a profound impact on the United Kingdom’s legal and commercial landscape, effectively resolving a long-standing doctrinal stalemate that had threatened to separate the common law from the realities of the modern digital economy. By formally b

Executive Summary The UK’s financial services sector is undergoing a major regulatory shift as Cryptoasset Service Providers (CASPs) move from limited AML registration to full authorisation under FSMA. This “re-platforming” transforms the industry. This report provides a detailed analysis, clarifies misconceptions, highlights omissions, and redefines strategic directions for firms in this space. The analysis based on consultation papers and HM Treasury drafts shows this trans

Executive Summary The United Kingdom is executing a phased and comprehensive strategy to integrate digital assets into its established...

Global efforts to establish clear regulatory frameworks for digital assets gained significant momentum in May, with a concentrated focus...

March 2025 witnessed significant regulatory advancements in the global financial sector, particularly concerning digital finance. Key...

The FCA Crypto Roadmap outlines the planned policy publications and timelines for regulating crypto assets in the UK. It sets out a...

Executive Summary The Chancellor's Mansion House 2024 speech and accompanying documents signal a significant shift in the UK's approach...

The world of Decentralised Finance (DeFi) is rapidly evolving, pushing the boundaries of traditional finance and challenging existing...

The United Kingdom is forging a comprehensive regulatory framework for digital assets and markets to balance innovation, consumer...

The UK's Financial Conduct Authority (FCA) has imposed a significant £3.5 million fine on CB Payments Ltd (CBPL), a subsidiary of...

The United Kingdom is taking steps to regulate the growing crypto-asset market, focusing on stablecoins. Here is a recap of the Financial...