Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

2 QUICK LINKS AIFMD (UK) CRYPTOASSETS DATA EMIR FINTECH FSB IOSCO MARKET ABUSE REGULATION MICA MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG ASIA PACIFIC AUSTRALIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2025 HMT Announce NewCryptoasset Rules to Drive Growth and Protect Consumers On 29 April 2025, HM Treasury (HMT) announced that under new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter – cracking down on bad actors while supporting legitimate innovation. HMT states that crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience – just like firms in traditional finance. The UK Chancellor also announced that the Government will publish the first-ever Financial Services Growth and Competitiveness Strategy on 15 July, alongside her Mansion House speech. HMT says that this will support the financial services sector’s long-term growth, with Fintech identified as a priority sector, and help it finance investment and growth across the UK. HMT also states that the Government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry. Link to Draft Legislation and Accompanying Policy Explainer here SEC Division of Corporation Finance Statement on Stablecoins On 4 April 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (Division) issued a statement on stablecoins (Statement). As part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets, the Division provided its views on certain types of crypto assets commonly referred to as “stablecoins.” Specifically, the Division’s Statement addressed stablecoins that are designed to maintain a stable value relative to the United States Dollar (USD) on a one-for-one basis, can be redeemed for USD on a one-for-one basis (i.e., one stablecoin to one USD), and are backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the stablecoins in circulation. The Division refers to the types of stablecoins addressed by the Statement as “Covered Stablecoins.” The Statement clarified the Division’s view that the offer and sale of Covered Stablecoins, in the manner and under the circumstances described in the Statement, do not involve the offer and sale of securities within the meaning of Section 2(a)(1) of the Securities Act of 1933 (the “Securities Act”) or Section 3(a)(10) of the Securities Exchange Act of 1934. Accordingly, persons involved in the process of “minting” (or creating) and redeeming Covered Stablecoins do not need to register those transactions with the SEC under the Securities Act or fall within one of the Securities Act’s exemptions from registration. Link to SEC Press Release here