Thomas Cattee featured in the media on the UK’s proposed crypto framework

Thomas Cattee, Partner and Head of White-Collar Crime at Gherson, has been featured across several international financial and cryptocurrency publications commenting on the UK Financial Conduct Authority’s (FCA) proposed regulatory framework for cryptoassets and the practical challenges firms may face in obtaining authorisation. His comments were published in:

• Traders Union – UK crypto rules aim to open global trading access as compliance burdens test rollout;
• CoinDesk – UK’s bold new crypto rules promise to unlock global trading, but huge compliance hurdles still threaten the rollout;
• Big Go Finance – UK FCA’s Crypto Regulatory Proposal: Global Liquidity Access Seen as ‘Positive,’ but 85% Licensing Rejection Rate Remains a ‘Hurdle’; and
• MooMoo – UK’s Bold New Crypto Rules Promise to Unlock Global Trading, but Huge Compliance Hurdles Still Threaten the Rollout.

Commenting on the UK’s evolving crypto regulatory landscape

The FCA’s latest proposals have been welcomed by many market participants for seeking to preserve access to global liquidity and to permit the use of overseas-issued stablecoins, positioning the UK differently from the European Union’s Markets in Crypto-Assets (MiCA) framework.

However, Tom highlighted that while the proposed framework presents opportunities for the UK to strengthen its position as a global digital asset hub, firms should not underestimate the regulatory burden associated with authorisation.

He noted that businesses seeking approval under the proposed Financial Services and Markets Act regime are likely to face significantly broader regulatory requirements than under the existing anti-money laundering registration process, including obligations relating to Consumer Duty, prudential standards, operational resilience and senior management accountability.

Tom also observed that the FCA’s existing AML registration process has historically seen a high proportion of applications rejected or withdrawn, emphasising the importance of early preparation for firms intending to operate under the new regime. He further drew comparisons with the implementation of MiCA across Europe, where delayed applications contributed to licensing bottlenecks for some firms.

Supporting businesses navigating financial crime and crypto regulation

As regulatory expectations continue to evolve, businesses operating in the cryptoasset sector must carefully consider both regulatory compliance and financial crime risk management. Early legal advice can help organisations prepare for authorisation, implement effective compliance frameworks and respond to changing regulatory requirements.

Gherson’s White-Collar Crime team advises businesses, financial institutions and digital asset firms on financial crime, anti-money laundering compliance, regulatory investigations and complex cross-border matters.

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The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

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