GBBC's Response to HM Treasury’s Draft Statutory Instruments on Cryptoassets
Published
Global Blockchain Business Council (GBBC), with the support of its UK Working Group members, is pleased to have submitted a response to HM Treasury’s Draft Statutory Instrument on cryptoassets under the Financial Services and Markets Act 2000 (FSMA).
We welcome HMT’s efforts to bring legal clarity to the UK cryptoasset market by formalizing its perimeter through the Regulated Activities Order (RAO). Our submission focuses on technical improvements that promote regulatory coherence, safeguard market integrity, and enable responsible innovation.
Key themes in our submission include:
Clarity in cryptoasset definitions and the perimeter
A proportionate and business-compatible territorial scope
More precise issuer obligations for stablecoins
Exclusion of non-custodial software tools from custody rules
Narrow perimeter for staking: custodial yes, native staking no
We support HMT’s goals and recommend targeted adjustments to ensure the final regime is legally robust, operationally clear, and aligned with global best practices.
A sincere thank you to our members for their detailed insights, feedback, and policy expertise throughout this consultation.
Read the consultation response here.