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UK Government Targets Exchanges and Stablecoins With New Draft Crypto Rules
The statutory instruments will see the creation of new regulated activities such as operating a cryptoasset trading exchange and stablecoin issuance.
Updated Apr 29, 2025, 4:29 p.m. Published Apr 29, 2025, 2:00 p.m.
What to know:
- The U.K. government released consultation papers on crypto legislation on Tuesday.
- It sees the creation of new regulated activities, such as operating a crypto exchange and stablecoin issuance.
The U.K. government released consultation papers on draft legislation for the crypto industry that will provide a regulatory environment for activities such as cryptoasset trading exchanges and stablecoin issuance as well as covering market abuse, admissions and disclosures regimes.
The proposed rules build on the Financial Services and Markets Act that passed into law in 2023 and gave the Treasury power to create new rules for the crypto sector. The U.K. is lagging behind the European Union, whose industry-specific Markets in Crypto Assets (MiCA) legislation kicked in last year.
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It's also following the U.S., where President Donald Trump's administration has eased crypto regulation and the Securities and Exchange Commission has dropped lawsuits against more than a dozen crypto companies.
Finance Minister Rachel Reeves, speaking at Innovate Finance's Global Summit, said the new rules were about supporting the country's economic growth objective. The legislation is planned for this year and intended to make "the U.K. a great place for digital asset companies to invest and innovate," Reeves said.
She also said the U.K. would work with the U.S. to "support the use and responsible growth of digital assets."
The Treasury is open to receive technical comments on these draft rules by May 25 and it intends to publish rules for the market abuse, admissions and disclosures regimes in due course, a posting on the government website said.
Read more: UK Regulator Intends to Start Authorizing Crypto Firms in 2026
UPDATE (April 29, 16:30 UTC): Adds content in first paragraph, EU in second, industry comment timetable in final paragraph
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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