City Week 2025 returned for its 15th edition from 30 June to 2 July in London, bringing together over 1,000 senior decision-makers from global financial centres. Hosted in partnership with the UK Government, City of London Corporation, TheCityUK, and UK Finance, this year’s event focused on the major forces reshaping international finance.

At the heart of the conference were three innovation-driven summits:

1. Net zero finance
2. Artificial intelligence in finance
3. Digital assets & tokenisation

One panel offered a deep dive into how jurisdictions are approaching regulation amid rapid technological change. 

Here are the key takeaways:

Regulatory approaches across jurisdictions

• United Kingdom (FCA):
  • Current regulations focus on market abuse and financial promotions.
  • Developing a broader regime in consultation with HMT.
  • FCA’s crypto roadmap in place; engaging with market and consumer groups.
• Hong Kong:
  • Regulates from an investor protection standpoint since 2018.
  • Applies “same business, same risk, same rules” principle.
  • Published a roadmap in Feb 2025 outlining new licensing regimes.
• Switzerland:
  • Tech-neutral and aligned with existing laws.
  • Introduced two licences: Fintech and DLT.
  • Regulation varies by token type (payment vs. utility).
• Private sector perspective:
  • FATF standards seen as the benchmark.
  • Significant compliance gaps remain across jurisdictions.

Balancing innovation and regulation

• United Kingdom:
  • Crypto fits within FCA’s 5-year strategy.
  • Sandbox offerings and pre-application support available.
• Hong Kong:
  • Calls for regulatory certainty to avoid enforcement surprises.
  • Reviewing rules to maintain investor protection while enabling growth.
• Switzerland:
  • Working with central bank on DLT integration.
  • Striving for a balance between innovation and oversight.
• Private sector perspective:
  • Legal grey areas persist, especially in DeFi.
  • Need for clearer definitions of decentralization and scope.

Future of crypto exchanges

• United Kingdom:
  • Recognizes crypto as a global industry.
  • Advocates for international regulatory dialogue.
• Hong Kong:
  • Focused on investor protection.
  • Seeks harmonization and critical mass for mutual recognition.
• Switzerland:
  • Benefits from EU proximity and open economy.
• Public sector perspective:
  • Trend toward harmonized minimum standards.
  • Rapid industry evolution challenges regulatory pace.
  • Even tax havens are adopting compliance and reporting standards.

City Week 2025 reaffirmed the importance of collaboration, clarity, and innovation in shaping the future of digital finance. As jurisdictions refine their approaches, the call for harmonized standards and regulatory certainty grows louder—especially in the fast-moving world of crypto and tokenisation.