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Read CP25/41 (PDF)

Why we are consulting

In December 2025, the government laid the draft Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 (the Cryptoasset Regulations), to bring cryptoasset activities within our regulatory remit.

Our remit is currently limited to overseeing how cryptoassets are promoted and ensuring firms meet anti-money laundering standards.

This CP is published alongside CP25/40, which sets out our proposed rules and guidance for firms conducting regulated cryptoasset activities, and CP25/42 which contains proposed prudential rules applying to all regulated cryptoasset activities. 

We will consider responses to all the consultations as part of the Crypto Roadmap and we intend to set out our final rules and guidance in policy statements in 2026. 

Who this applies to

This CP will primarily interest firms that participate in, or support the services of, regulated cryptoasset activities such as cryptoasset trading platforms, cryptoasset intermediaries and others. It will also be relevant to anyone who has bought (or sold), or may in the future buy (or sell), cryptoassets from an entity providing services or making offers of cryptoassets in the UK or to persons in the UK. 

It will also interest a wide range of organisations and individuals, both domestically and internationally, that participate in the cryptoasset sector. 

This document should be read by:

• cryptoasset firms (including potentially firms based overseas) providing services to UK consumers
• traditional finance firms and market participants  
• industry groups/trade bodies
• professional advisors
• law firms and consulting firms advising on cryptoassets
• consumer groups and individual consumers
• policy makers and other regulatory bodies
• industry experts and commentators
• academics and think tanks
• other firms or professional bodies involved in cryptoassets

How to respond

Online response form

We are asking for comments on this CP by 12 February 2026. You can send them to us using the online form. Or in writing to: Wholesale Cryptoasset Policy, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN

Email: [email protected]

Background

The A&D and MARC regimes form a central part of the UK’s broader future financial services regulatory regime for cryptoassets. Together, they are designed to:

• strengthen safeguards and protection by improving the quality and reliability of information available at the point of admission to trading
• enhance market integrity by tackling fraud, scams and abusive practices such as insider dealing and market manipulation, and
• raise standards across cryptoasset markets, supporting fair competition and clean, well-functioning cryptoasset markets.

Introducing these regimes will establish a base level of rules that will build consumer confidence, enable firms to compete on a level playing field, and reinforce the UK’s position as a jurisdiction that combines high regulatory standards with support for innovation.

We want a market where innovation can thrive, but where people understand the risks. Regulation cannot – and should not – remove all risk. Instead, it should make sure anyone investing in crypto does so with their eyes open.

Our proposals apply a similar approach to crypto as we do in traditional finance: clear information for consumers, proportionate requirements for firms, and flexibility to support innovation.

What we’re consulting on

• Admissions and disclosures – Rules for listing cryptoassets and what firms must tell investors, so people have the facts before they invest.
• Market abuse – Measures to stop insider trading and manipulation, so markets are fair.
• Cryptoasset trading platforms – Standards for exchanges to keep trading safe and reliable.
• Intermediaries – Requirements for brokers and other middlemen, so they act responsibly.
• Staking – Making sure the risks are clear when firms offer staking – a service that lets you lock up your crypto for a reward.
• Lending and borrowing – Rules to protect both crypto lenders and borrowers.
• Decentralised finance (DeFi) – DeFi lets people trade, lend and borrow using crypto without a middleman. We’re asking if the same rules that apply in traditional finance should also apply here.
• Prudential requirements – Financial safeguards for firms, so they can better manage risk.

These proposals build on feedback from earlier discussions and new research published today. They are aligned with new government legislation laid yesterday and reflect our commitment to getting the balance right.

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

‘Regulation is coming – and we want to get it right. We’ve listened to feedback, and now we’re setting out our proposals for the UK’s crypto regime.

‘Our goal is to have a regime that protects consumers, supports innovation and promotes trust. We welcome feedback to help us finalise these rules.’

We’ve made significant progress in delivering our crypto roadmap and are helping firms meet our standards and become registered while we wait for further legislation.

While we work closely with partners to deliver the UK’s crypto rules, people should remember crypto is largely unregulated – except for financial promotions and financial crime purposes.

Consultation responses are open until 12 February 2026.

To share your views, please see our CP25/40, CP25/41 and CP25/42 pages.

Notes to editors

1. Read CP25/40, CP25/41 and CP25/42.
2. Read our Cryptoassets consumer research 2025 and Cryptoasset regulation and consumer decision-making: Evidence from an online experiment research notes.
3. These publications mark the next milestone in crypto regulation in the UK closely engaging with the Government’s proposals including the statutory instrument laid at the Parliament yesterday (15 December).
4. We have considered how these consultation papers will apply the UK issuers of stablecoins and have introduced specific rules and guidance where necessary. UK issuers of stablecoins will not be able to pass interest from their own backing assets to holders; we are considering how further financial incentives could be shared with holders when UK issued stablecoins are used.
5. The FCA has previously set out the timeline for crypto regulation in its crypto roadmap.
6. Earlier this year, the FCA consulted on key topics such as stablecoins, cryptoasset custody and conduct of business and high-level standards. Soon, the FCA will consult further on Consumer Duty and other consumer protection matters for cryptoassets, including our approach to financial promotions.
7. Find out more about existing rules firms must comply with.
8. If firms want to become registered under the Money Laundering Regulations 2017, we offer pre-application support. It’s a free meeting with a case officer who can talk them through any questions they might have.  We also run webinars and in person events with industry and compliance teams to educate crypto firms specifically on our rules. There will be more of these in the coming months aimed at specific areas of our rules.
9. We provide firms with lots of resources to help them understand our rules and how to meet expectations. Find out more.
10. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.