Nick Brooks

Digital Assets | Global Macro | Crypto Policy
Founder and Director of Two Trees Capital Ltd
Policy Director at @CryptoUKAssoc

[Nick Brooks @nickbrooks]

Access to banking remains one of the clearest practical barriers facing UK crypto and digital asset firms.

The Crypto & Digital Assets APPG @cryptoappg is taking evidence on account closures, restricted services, delays and other banking issues.

Two weeks left to submit:
https://t.co/hN282f4aLm

[Nick Brooks @nickbrooks]

A very welcome addition to the panel. Looking forward to bringing these different perspectives together next Thursday.

[CryptoUK @CryptoUKAssoc]

Following yesterday's announcement, we’re pleased to welcome Yasmin Kaur Johal, Senior Associate at @CMS_law, to next week’s webinar on Admissions & Disclosures (A&D) and the market abuse regime (MARC).

Yasmin adds a further legal perspective to a panel examining what changed between consultation and the FCA’s final rules, which firms are affected, and what they can prioritise now as part of their wider authorisation readiness.

The updated line-up is:

🔹 Giles Swan — Public Policy and Regulatory Consultant and NED
🔹 Azmina Keshani — General Counsel, @ZodiaCustody
🔹 Chrislyn Pereira — Chief of Staff, @eunice_ai1
🔹 Yasmin Kaur Johal — Senior Associate, @CMS_law
🔹 Nick Brooks — Policy Director, @CryptoUKAssoc (Moderator)

Register for the webinar: https://t.co/0tOBFrgU6N

[CryptoUK @CryptoUKAssoc]

Charities do not need to become digital asset experts before they can begin exploring crypto donations.

Aidan Alberico explains how experienced infrastructure partners such as @LMAX can help charities navigate both the technological and governance considerations involved.

That means working with fundraising, finance, treasury and compliance teams to understand how donations will be received, screened, converted and recorded—and ensuring the approach reflects the charity’s own risk appetite.

The right partner can help make crypto fundraising more accessible without requiring charities to build every capability internally.

Watch the full webinar: https://t.co/U3WOu2zq9c

[Nick Brooks @nickbrooks]

The FCA has now set the rules for admitting cryptoassets to UK trading platforms and tackling market abuse. I will be moderating a CryptoUK discussion on 30 July about what the rules mean in practice and how firms can prepare for authorisation.

https://t.co/AK13ribsCp

[Nick Brooks @nickbrooks]

In my work at @CryptoUKAssoc, banking access is repeatedly raised as a practical constraint on legitimate firms. The APPG is seeking evidence on its scale, causes and possible solutions. Written submissions close 31 August 2026.

https://t.co/w785IdpFYI

[Freddie New @freddienew]

Many in the Bitcoin industry, including both @bitcoinpolicyuk and more recently @bitcoinhodlco have been pushing for changes along these lines for a number of years.

Finally, it looks as though HMRC may be edging in the right direction.

Lending your Bitcoin should never have been a taxable event; making this one simple change will smooth the path for sensible treatment of this standard practice, and open up the lending industry at the same time.

It's been slow progress, but we may be getting there in the end.

[CryptoUK @CryptoUKAssoc]

HMRC has published draft legislation and supporting materials covering three significant cryptoasset tax measures as part of the Government’s 2026 Legislation Day.

Taken together, HMRC has described the proposals as the most substantial package of cryptoasset tax reforms published by the Government to date, marking important progress that CryptoUK warmly welcomes.

The consultation covers:

🔹 Crypto loans and liquidity pools – introducing “no gain, no loss” treatment for certain disposals by individuals and trustees, helping to defer Capital Gains Tax until an economic disposal takes place.

🔹 The taxation of stablecoins – treating eligible stablecoins more like money for tax purposes, including a Capital Gains Tax exemption for certain disposals by individuals and trustees.

🔹 Civil tax information and inspection powers – expanding the Financial Institution Notice regime to include certain providers of cryptoasset-related services.

The technical consultation is open for eight weeks, with the measures expected to be included in Finance Bill 2026–27 and take effect from April 2027. CryptoUK’s Tax Working Group will now review the draft legislation in detail and coordinate a collective response.

Organisations that are not currently CryptoUK members but would like to contribute technical feedback, practical examples or insight into the potential impact of the proposals are encouraged to get in touch to discuss joining this work: https://t.co/9CZs52MAem

We will keep the community updated as the consultation progresses.

[CryptoUK @CryptoUKAssoc]

CryptoUK has submitted its response to the Financial Conduct Authority (@TheFCA) and @bankofengland’s joint Call for Input on the future of tokenisation in UK wholesale financial markets, informed by the views and expertise of our members: https://t.co/OfKTlRsb3A

The Call for Input, published on 18 May 2026, sits alongside the Government’s Wholesale Financial Markets Digital Strategy. It recognises the potential for tokenisation to reduce reconciliation costs, improve settlement and collateral movement, strengthen ownership records and support new issuance and post-trade models. For members, the practical issue is whether those benefits can be translated into authorisation routes, settlement arrangements, custody expectations and interoperability standards that firms can plan against.

CryptoUK’s response makes the case for a framework based on function, risk and evidence. Tokenised arrangements should not be required to replicate legacy processes where equivalent or better regulatory outcomes can be demonstrated through different methods. The response applies that principle across ten areas: authorised fund tokenisation, the Digital Securities Sandbox, settlement modernisation, tokenised money, tokenised collateral, DIGIT and tokenised gilts, SIC custody, primary issuance and tokenised equities, interoperability, and accountability, operational resilience and financial stability.

The international dimension is important because firms deciding where to commit capital, build counterparty relationships and allocate technical resource will compare the UK with other regimes on the conditions that make deployment possible: the authorisation route, the treatment of settlement assets, custody expectations, collateral eligibility and the path from sandbox evidence to permanent permissions. The UK does not need lower standards to compete. It needs standards that are clear enough for firms to plan against and usable enough for responsible activity to remain within supervised markets.

CryptoUK’s response therefore encourages the FCA, Bank of England, PRA and HM Treasury to publish an integrated dependency map covering deliverables, owners, evidence requirements, feedback loops and timelines. The priority is to convert pilot activity, sandbox evidence and early engagement into guidance, authorisation standards, rule changes and routes to live activity.

[CryptoUK @CryptoUKAssoc]

Crypto donations are opening up new opportunities for charities to reach donors, diversify income and support their missions.

Join CryptoUK for Crypto for Good: How Digital Assets Are Transforming Charitable Giving, featuring insights from charity leaders at @RoaldDahlFund, @AlzResearchUK, and @LMAX.

This webinar is open to everyone, including charities, digital asset firms, fundraising teams, policymakers and anyone interested in the future of charitable giving.

Date: Thursday 9 July
Time: 13:00–14:00 BST
Register here: https://t.co/hqYPNue9tf

[CryptoUK @CryptoUKAssoc]

The FCA has today published its final rules and guidance for the UK’s new cryptoasset regime, setting out what firms will need to do to operate in the UK.

This is a landmark moment for the sector, following almost three years of policy development, discussion papers and consultations.

David Geale, executive director of payments and digital finance at the FCA said:

"This is a significant moment for crypto regulation in the UK. We’ve created a framework that doesn’t force firms to choose between regulatory certainty and room to innovate – this regime means they can have both in a stable, competitive home to build and grow."

CryptoUK has been actively engaged throughout this process, working alongside our members to provide detailed industry feedback, highlight practical implementation challenges and support the development of a regime that protects consumers and markets while enabling responsible innovation.

The final rules provide important clarity for firms preparing for authorisation, including how the FCA Handbook will apply, requirements for specific regulated activities, stablecoin issuance, admissions and disclosures, market abuse, and prudential standards.

The FCA has also set out further guidance on areas including Consumer Duty, operational resilience and its approach to international cryptoasset firms.

Some areas remain subject to further policy development and consultation, including DeFi, DLT, cryptoasset derivatives, stablecoin-related policy, audit requirements, and savings and transitional provisions.

Key milestones include:

🔹 Pre-application support meetings available from 6 Jul 2026
🔹 Authorisations application window running from 30 Sep 2026 to 28 Feb 2027
🔹 New regime coming into force on 25 Oct 2027

With the final rules now published, the focus turns to implementation and authorisation readiness. Firms should use the period ahead to assess how the rules apply to their activities, prepare for the FCA gateway and monitor further policy development.

CryptoUK will continue to work closely with members as they assess what the final rules mean in practice, providing a forum to raise questions, share feedback and highlight areas where further clarification may be needed.

If you have questions on the final rules, or feedback on how the regime may affect your business, please get in touch with the CryptoUK team: https://t.co/QEAfMG7Vga

[CryptoUK @CryptoUKAssoc]

Crypto has evolved from a niche technology into a multi-trillion-dollar global industry. The next challenge is creating the regulatory foundations that allow innovation to scale.

Writing in @MediaplanetIE's Future of Investing report, published in The Telegraph, CryptoUK Policy Director Nick Brooks explores how the UK's new cryptoasset framework can support institutional adoption, strengthen market confidence, and unlock the next phase of digital asset growth.

Read the article: https://t.co/9q8Mmyxyps

[Al Carns @AlistairCarns]

This week the most advanced AI model on the planet got switched off by a foreign government. British researchers were studying it. British companies were testing it. British hospitals were piloting it. Not any more.

This isn't an AI story. It's the story of every industry we used to lead.

Britain has some of the best AI talent in the world. DeepMind was built here. Our AI Safety Institute writes the rules other countries follow. We have the researchers, the universities, the standards.

What we don't have is the power stations to run the data centres, the planning system to build them, or the industrial base to make the chips. So the work happens here and the value lands somewhere else. We invent. Others build. Others decide. Then we read about it on Saturday morning.

Same story as the kit our soldiers don't have. Same story as the factories we used to.

I spent nine months in government making this argument inside the room. I'll make it louder from outside.

[Nick Brooks @nickbrooks]

@SantiagoAuFund @nic_carter Evasion provisions heavily disincentivise holding stablecoins due to ban on interest

[nic carter @nic_carter]

> Now consider that those rewards can be calculated based on how much you hold & for how long.

>I think that’s what we just call interest, but it will now be rebranded under a new name.

This is not true. The bill contains strict anti evasion provisions. The authors of the bill are not dumb

[Nick Brooks @nickbrooks]

@Frencheconomics disastrous for uk households. a significant part of the real terms decline in uk private wealth

[CryptoUK @CryptoUKAssoc]

We’re delighted to welcome @KrollWire as the newest member of CryptoUK.

Kroll is a leading independent provider of financial and risk advisory solutions, combining data, technology and expertise to help clients navigate complex valuation challenges. With over 6,500 professionals worldwide and nearly a century of experience, Kroll delivers trusted insight across risk, governance, transactions and valuation, enabling clients to build lasting competitive advantage.

As digital assets continue to evolve, Kroll brings deep expertise in valuation, investigations and risk management, supporting clients as they navigate an increasingly complex and regulated environment. Their work sits at the intersection of traditional finance and emerging digital markets, helping to bring greater transparency and trust to the ecosystem.

“Digital assets are entering a new phase of maturity, where institutional adoption, regulatory scrutiny and technological innovation are converging. With that comes increasing complexity across valuation, investigations and risk management. Joining CryptoUK reflects our commitment to supporting the responsible growth of the sector, working alongside industry leaders to help build greater transparency, resilience and trust in digital asset markets,” said Brent Tomlinson, President, Risk Advisory at @KrollWire.

“We are delighted to welcome Kroll to CryptoUK at a pivotal moment for the digital asset sector. As the industry matures, the need for robust risk management, governance and valuation expertise has never been greater. Kroll’s global reputation and depth of experience will be a valuable addition to our community as we continue to support the development of a trusted, well-regulated and competitive UK crypto ecosystem,” said Su Carpenter, Executive Director at CryptoUK.

“Kroll’s expertise highlights the direction of travel for the industry, where strong risk frameworks and credible data will underpin sustainable growth. As policymakers and regulators continue to shape the UK’s approach to digital assets, having members like Kroll strengthens our ability to provide informed, practical insight that supports effective regulation while enabling innovation to thrive,” added Nick Brooks (@twotreescap), Policy Director at CryptoUK.

CryptoUK continues to bring together a diverse and growing community of organisations committed to shaping the future of digital assets in the UK and beyond, and Kroll’s membership further strengthens this collective effort.

Learn more about Kroll: https://t.co/x002DvTPoE

Learn more about CryptoUK: https://t.co/KtNVMiNyFY

[CryptoUK @CryptoUKAssoc]

Yesterday we submitted our response to the Financial Conduct Authority's (@TheFCA) Consultation Paper 26/8: Amendments to CASS related to cryptoasset activities.

This consultation paper (Chapter 2) proposes an amendment to CASS 8 to clarify that where a firm is safeguarding client cryptoassets in accordance with CASS 17, it does not also have to comply with the mandate rules in CASS 8 in respect of those client cryptoassets.

We have recommended the FCA considers a further clarification to CASS 8 to cover the following:

🔹In the situation where a client holds both legal and beneficial title to cryptoassets and the firm has control of, but does not hold, the cryptoassets we would recommend that the safeguarding requirements under CASS 17.3, 17.5 and 17.6 are disapplied and to instead apply CASS 8 mandate rules.

🔹Where a firm operates under a mandate which allows it to give instructions to another entity which holds or controls private keys for the client we would recommend disapplying the requirement for a non-statutory trust under CASS 17, on the basis that the firm would instead be subject to CASS 8.

We have stated that we disagree with the proposal that firms will not be allowed to “opt out” of CASS 7 client money protections when undertaking specified qualifying cryptoasset activities for professional clients. This proposal rests on the assumption that that client money held in connection with qualifying cryptoasset activities gives rise to materially different risks from client money held in connection with traditional financial instruments, and that this justifies departing from the established regulatory framework for professional clients.

We also note that the absence of a qualifying settlement system today is not a reason to foreclose the possibility of reliance on the exemption in the future, particularly where the existing conditions for the exemption already provide adequate safeguards.

We would like to thank all of our members who participated in the drafting of this response, and also to Rowan Platt and @CMS_law for their continued support in our regulatory efforts.

[CryptoUK @CryptoUKAssoc]

We’re delighted to welcome Nick Brooks as CryptoUK’s new Policy Director, joining us at an important time as we continue to build on our engagement with policymakers and regulators in the UK, while also strengthening our transatlantic work with @DigitalChamber.

Nick will lead CryptoUK’s policy and regulatory advocacy across the board, working closely with our members and stakeholders to help shape and represent our collective priorities. Over the coming weeks, Nick will be meeting with many of our members and partners, and looks forward to connecting with our wider community in the months ahead.

Before joining CryptoUK, Nick founded Two Trees Capital, an investment company operating across digital assets and traditional finance, managing capital across multiple asset classes with a focus on early-stage investments and active derivatives strategies. He previously spent twelve years in senior leadership roles with the Swire Group and Cathay Pacific, working across Hong Kong, Japan, Qatar, Vietnam and Indonesia, where his roles spanned government relations, regulatory negotiation, corporate strategy and commercial operations.

Nick brings first-hand experience of the challenges associated with operating a crypto business in the UK, alongside a strong belief in the potential of blockchain technology to broaden access to financial products and services and support long-term economic prosperity.

Welcome to the team, Nick 😊

We’d also like to highlight that @DigitalChamber is currently recruiting for a Global Policy Director. This role will work closely with Nick and the wider CryptoUK team to strengthen alignment across UK, EU, and transatlantic policy efforts—helping ensure our members’ voices are represented not just in domestic conversations, but in the global frameworks now taking shape. If you, or someone in your network, brings strong UK/EU policy expertise, cross-jurisdictional experience, and a builder mindset, it’s well worth exploring this opportunity: https://t.co/3YTQ4LDG7l

[Nick Brooks @nickbrooks]

@mckaywrigley Yes please

[Nick Brooks @nickbrooks]

@SantiagoAuFund You're hanging a lot of hope on the wisdom of the planners. Hopefully you are right that they are psychotic geniuses and Occam's Razor doesn't apply...

[Nick Brooks @nickbrooks]

@LDNCryptoClub Why does it feel like we're still going to roll over on this bounce