Preparing for UK’s new crypto-assets regulatory regime
Davis Polk counsel Mark Chalmers authored “Preparing for UK’s new crypto-assets regulatory regime” in Law360. In the article, Mark discusses the new regulations of crypto assets set to take effect in October 2027 in the UK.
He defines what activities are included in the regulations, provides an overview of the territorial scope of the new regulatory regime, and notes that firms seeking to provide regulated services must apply for authorization or variation of permission by Feburary 28, 2027.
Mark says, “The starting point for firms and their advisers is to assess whether they are in scope of the new regime. While this will be straightforward for firms in the UK already carrying on crypto-asset activities under the MLR, overseas firms must carefully map their activities with UK customers against the new regime’s regulated activities and territorial scope provisions.”