HM Treasury confirms DSS secondary legislation and cryptoasset regulation date
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HM Treasury confirms DSS secondary legislation and cryptoasset regulation date 08 October 2026UK Reporter: Matthew Challis
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Speaking at Digital Assets Week London 2026, Lucy Rigby KC MP, Economic Secretary to the Treasury, confirmed that the UK government intends to lay secondary legislation to support the delivery of digital services and issuances in the Digital Securities Sandbox (DSS) “in the coming months”.
This follows HM Treasury’s appointment of six lead managers for the Digital Gilt Instrument (DIGIT) pilot issuance, announced on 7 October 2026.
It was revealed that crypto firms operating in the UK will be brought under full regulatory scrutiny by the Financial Conduct Authority (FCA) on 25 October 2027, following the opening of the transitional authorisation window on 30 September 2026.
Under the recently amended cryptoasset regime, firms will not need to secure permissions now; instead, they will only face reauthorisation once the planned payments reforms — including proposals to bring UK-issued stablecoins within the payments services perimeter — take effect.
According to Rigby: “Leadership in the next generation of financial markets will be earned by jurisdictions that can combine innovation, regulation, infrastructure, and adoption.”
She also views tokenisation as “fundamental to the future of financial services”, and HM Treasury’s decision-making regarding the technology will “help determine whether the UK remains at the heart of the next generation of global markets”.
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