International Alternative Asset Management

On 16 December 2025, the UK Financial Conduct Authority (FCA) published its proposals relating to the prudential framework that will apply to firms authorised to carry on cryptoasset-related regulated activities under the new UK cryptoassets regulatory framework. We previously published our briefing summarising the final cryptoassets legislation published by the UK Treasury, which is available here.

The Employment Rights Bill has received Royal Assent, becoming the Employment Rights Act 2025. The Act paves the way for significant reforms to UK employment law, with the key changes to be phased in starting from April 2026.

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Here we look ahead to the New Year, which looks set to be another year of change for the real estate sector. Key themes include increasing regulation, planning change and ongoing transparency measures.

His Majesty's Treasury (HMT), published the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 (the Regulations) on 15 December 2025. While they may well ultimately be dated 2026 (Parliament rises for Christmas on 18 December and the Regulations must be approved by both chambers), this marks a key milestone in the UK's journey on digital assets, which will sit squarely within the regulatory perimeter of the Financial Conduct Authority (FCA). The Regulations will come fully into force on 25 October 2027, meaning that (if one were minded to be critical) it will have taken the best part of seven years for the UK to establish a regulatory framework for cryptoassets, dating back to the consultation and call for evidence of January 2021.