Summary:
La législation anglaise sur les actifs numériques, telle que présentée dans le Programme de travail annuel de la FCA pour 2025/26, vise à établir un régime réglementaire spécifique pour les crypto-actifs. Les principaux enjeux juridiques incluent la simplification du processus d’autorisation pour ces entreprises et le développement d’un environnement de test sécurisé pour l’émission et le trading de valeurs numériques, ce qui pourrait favoriser l’innovation tout en assurant la conformité réglementaire.
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On 8 April 2025, the Financial Conduct Authority (FCA) published their Annual Work Programme, detailing what the FCA intends to deliver in 2025/26—read on for our views on what this means for the digital assets space.
Following the publication of the FCA’s Strategy Paper last month (see our article on this here), and in line with the key regulator pledges announced by the UK government (see our previous article here), the FCA has set out its Annual Work Programme for 2025/26.
From a digital assets and blockchain perspective, the following items are of particular note:
– **_Becoming a more efficient and effective regulator_**: The FCA will aim to digitise and simplify the authorisation process to be able to make fast decisions regarding firm applications. It also notes that it will continue to reform its supervision model, to take a more flexible approach “with less intensive supervision for those demonstrably seeking to do the right thing”, and to be transparent about the risks and opportunities the FCA sees within the market “so that external stakeholders find our actions easier to understand and predict”. While these actions are not specific to cryptoasset firms or to any other type of firm, such reforms (to the extent they might cover cryptoasset businesses) will be helpful to those in the cryptoasset industry who are seeking authorisation and/or are navigating UK rules in order to remain compliant (including the financial promotions regime).
– **_Digital Securities Sandbox_**: To further support growth and innovation, the FCA will continue to progress the digital securities sandbox, which provides a regulated environment for firms to test the issuance, trading and settlement of securities in the UK—including the pilot issuance of a Digital Gilt by the UK government.
– **_Innovation in asset management_**: The FCA will seek to develop a roadmap for digital assets, starting with the asset management industry. Additionally, it aims to streamline regulatory requirements under the retail fund regime, to enable “better use of technology, including tokenisation of funds”.
– **_New cryptoasset regime and FCA budget_**: The FCA will continue its work on developing a UK cryptoasset regulatory regime, with the aim to consult on rules over the course of 2025, finalising policy statements in 2026, and then opening the gateway of authorisation. Importantly, the FCA states that it will invest £7.8m in developing and implementing a proportionate and safe regulatory regime for activities relating to cryptoassets (including stablecoins) in the UK. Separately, the FCA will return fees of £1m for in relation to cryptoasset financial promotions work which was not used.
While digital assets represent only one element of the FCA’s plans, the above commitments are positive signals for the cryptoasset industry. As noted in our UK policy update and what this means for digital assets and blockchain, the recent announcements by the UK government and shifts in regulatory focus on encouraging growth presents an interesting opportunity for digital asset firms to potentially help shape the direction of UK policy.