The year 2025 has cemented a global theme of regulatory maturity, with leading financial hubs introducing clearer frameworks to support innovation in digital assets and private markets while protecting investors.
In the UK, the Financial Conduct Authority (FCA) gave its approval to the London Stock Exchange (LSE) to operate the first Private Intermittent Securities and Capital Exchange System (PISCES) platform. This marks a new type of regulated private stock market, designed to facilitate intermittent trading between buyers and sellers of private company shares. Simon Walls, executive director of markets at the FCA, hailed the approval as a major milestone to “boost growth and unlock capital investment”.
Julia Hoggett, CEO at the London Stock Exchange plc, called the PISCES market a demonstration of the LSE’s commitment to creating a “genuine funding continuum from the private to public markets”. The platform will initially operate within a financial markets infrastructure (FMI) sandbox before a permanent regime is finalised.
Meanwhile, Hong Kong’s approach to virtual assets continued to provide a stable, clear path for the industry, even following high-profile global failures. Joseph Chan, Under Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region (SAR), stressed that the city prides itself on “transparency, certainty and predictability” in its laws. Chan confirmed the government’s belief that virtual assets are “an asset class to stay,” but the development must be responsible and sustainable.
Hong Kong’s regulatory progression is deliberate and step-by-step, with stablecoin regulation next on the agenda, followed by regimes for OTC virtual asset services and custodians. The objective, Chan affirmed, is simple from a regulator’s standpoint: “protect the investors”.
Global collaboration is proving essential to this maturity. Hong Kong is actively involved in Project mBridge, the cross-border Central Bank Digital Currency (CBDC) initiative with mainland China, Thailand, the UAE, and Saudi Arabia. Furthermore, the UK is leveraging partnerships to expand its influence, with the Department for Business and Trade (DBT) leading its largest-ever fintech delegation to Bahrain’s Fintech Forward 2025. Katie Ramsey, Head of FinTech at the UK DBT, confirmed that Bahrain’s “forward-thinking ecosystem and commitment to digital transformation make it an exceptional partner for UK fintechs seeking to expand into the Middle East”.
This convergence of clear regulatory structures and international cooperation sets the stage for a period of institutional adoption and responsible innovation in digital assets throughout 2026.