Next steps

Our Digital Assets and Blockchain practice continues to review the SI and will publish a further article outlining key thoughts in further detail in the coming days. As this is an affirmative statutory instrument, the SI will need to be approved by both Houses of Parliament before it becomes law.

The immediate next step is that the SI will be examined by the Joint Committee on Statutory Instruments (the “JCSI”) to ensure the SI is in line with the powers that have been conferred to His Majesty's Treasury by the Act. The JCSI may also raise any other issues identified in the drafting of the SI.

The SI will then be debated in both the House of Commons and the House of Lords before it is approved. Once approved, the SI is ‘made' i.e. formally signed by a minister and published into law, following which the FCA will have powers to draft rules after 21 days – in line with the FCA's cryptoasset roadmap. The full commencement date of the SI is set for 25 October 2027.

If you would like to discuss the SI and its implications for your business, please contact the Hogan Lovells team.