On February 1, 2023, the UK Government published a consultation containing proposals for the future UK regulation of cryptoassets (the “Consultation”), in which it is proposed to adapt the UK’s existing financial services regulatory regime instead of introducing a new regime for cryptoassets and therefore avoid having duplicative and overlapping regimes. The Consultation covers proposals to amend the existing regime governing public offers of securities and admissions to trading and to introduce new activities relating to cryptoassets for which a person will need to be authorised by the relevant UK regulator before undertaking the activity in (or to) the UK. The Consultation is open until April 30, 2023.