Circle Internet Financial advocates for a comprehensive regulatory framework for digital assets in the UK, emphasizing the importance of clear, proportionate, and agile rules to foster innovation and reduce business costs. In response to HM Treasury's consultation on the future financial services regime for cryptoassets, Circle supports the UK's objectives of integrating cryptoassets into the regulatory perimeter and enhancing the fintech sector's competitiveness. Circle recommends simplifying the registration process for digital asset firms, ensuring transparency and providing clear feedback. It also stresses the need for clarity on regulated activities, the application of the Financial Services and Markets Act (FSMA), and the Designated Activities Regime (DAR). Circle calls for regulatory coherence, especially regarding the distinction between cryptoasset activities and fiat-backed payment stablecoins, and urges clarity on territorial scope to maintain a level playing field. The company also highlights the need to differentiate between collateralized payment stablecoins and algorithmic ones, and advocates for regulations that recognize the differences between digital assets on public blockchains and traditional payment flows.