In a keynote speech at the Innovate Finance Global Summit 2025, the Chancellor set out HM Treasury’s latest policy and legislative priorities for financial services, including the publication of draft legislation to create a comprehensive UK regulatory regime for cryptoassets, with final legislation planned for later this year. The speech also pointed to further near-term reforms, including plans to legislate next month for the Private Intermittent Securities and Capital Exchange System (PISCES), described as a new type of venue for trading private company shares and a potential steppingstone to an initial public offering. Other measures highlighted included planned consolidation of the Payment Systems Regulator into the Financial Conduct Authority, the forthcoming final Pension Investment Review ahead of a Pension Schemes Bill intended to unlock up to GBP 80 billion of investment, and references to ongoing initiatives such as the Digital Securities Sandbox and the planned issuance of a Digital Gilt Instrument using distributed ledger technology. Next steps flagged included further UK–US engagement on digital assets, including discussions at the UK–U.S. Financial Regulatory Working Group in June, and publication of a Financial Services Growth and Competitiveness Strategy at the Chancellor’s Mansion House address on 15 July.
HM Treasury 2025-04-28
HM Treasury publishes draft legislation for a comprehensive UK cryptoassets regulatory regime
At the Innovate Finance Global Summit 2025, the Chancellor highlighted HM Treasury's priorities: draft legislation for UK cryptoassets regulation, the Private Intermittent Securities and Capital Exchange System (PISCES), consolidating the Payment Systems Regulator into the Financial Conduct Authority, and a Pension Schemes Bill to unlock GBP 80 billion. Upcoming steps include UK–US digital asset talks and a Financial Services Growth and Competitiveness Strategy announcement in July.