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Crypto-assets, cryptocurrencies and/or related service providers have not been traditionally regulated in Spain. These products or services have only been captured to the extent they were embedded in other financial products (e.g. funds or derivatives) or in case they could qualify as a financial instruments directly (e.g. security tokens).

On 7 January 2021 HM Treasury (HMT) published consultation and call for evidence on the regulatory approach to cryptoassets and stablecoins. The consultation represents the first stage in HMT’s consultative process on the broader regulatory approach to cryptoassets and stablecoins. The consultation closes on 21 March 2021. Our crypto regulatory experts have published a briefing in which we explore the policy background underlying the consultation, set out the key points of HMT’s proposals, and provide a comparison to corresponding provisions in the European Commission’s recent proposal on a regulatory framework for cryptoassets.