FCA seeks feedback on further rules for cryptoasset firms

We have made significant progress in delivering our crypto roadmap and are helping firms to meet our standards and get ready for when the gateway opens in September 2026[2].

We have set out our proposals on how the Consumer Duty, conduct standards, redress and safeguarding will apply to cryptoasset firms. We are also seeking feedback on our proposed approach to international cryptoasset firms.

These proposals continue our progress towards an open, sustainable and competitive crypto market that people can trust. The Consumer Duty sets appropriate standards for crypto firms by ensuring they deliver good outcomes for customers while supporting them to navigate their financial lives. At the same time, risks remain, and we want a market where innovation can thrive, but where people understand the risks. But regulation can’t – and shouldn’t try – to get rid of all risk. We want those interested in investing in crypto to understand that risk.

This consultation follows a package of proposals [3]set out in December on how we intend to apply a similar approach to cryptoassets as we do in traditional finance, with clear information for consumers, proportionate requirements for firms and flexibility to support innovation.  

While we continue to develop our cryptoasset regime at pace following the publication of draft legislation[4] by the Government, people should remember crypto is currently largely unregulated – except for financial promotions and financial crime purposes.  

We're consulting on: 

• Consumer Duty – how the Duty will apply to cryptoasset firms, supported by additional non-Handbook guidance, so firms deliver good outcomes for retail customers.
• Redress and Dispute Resolution (DISP) – our approach to complaints handling and redress, ensuring consumers have clear routes to resolve issues.
• Conduct of Business Standards (COBS) – applying key conduct rules to cryptoasset activities, so firms act fairly and transparently.
• Credit for crypto purchases – rules on using credit to buy cryptoassets, to reduce risks of harm from borrowing to invest.
• Training and competence – standards for staff knowledge and skills, so firms have competent people managing crypto services.
• Senior Managers and Certification Regime (SM&CR) – our approach to categorising cryptoasset firms under the Senior Managers and Certification Regime.
• Regulatory reporting (SUP 16) – requirements for firms to report data to us, so we can monitor risks and supervise effectively.
• Cryptoasset safeguarding – applying safeguarding rules to firms conducting multiple regulated cryptoasset activities, and our proposed approach to custody of specified investment cryptoassets.
• Retail collateral treatment in cryptoasset borrowing – how retail consumers’ collateral should be treated when they borrow cryptoassets, to protect their interests.
• Location policy guidance – clarifying our expectations on where cryptoasset firms should be based, to ensure effective oversight.

More information

• This publication marks the next milestone in crypto regulation in the UK closely engaging with the Government’s proposals, including the statutory instrument[6] laid in Parliament on 15 December 2025.
• The FCA has previously set out the timeline for crypto regulation in our crypto roadmap[7].  
• Last year, the FCA consulted on key topics such as stablecoin issuance and cryptoasset custody (CP25/14[8]), prudential rules (CP25/15[9] and CP25/42[10]), the application of the FCA Handbook (CP25/25[11]), conduct of business and high-level standards (CP25/40), and admissions and disclosures and market abuse (CP25/41[12]).
• Find out more about existing rules[13] firms must comply with.
• We also run webinars and in person events with industry and compliance teams to educate crypto firms specifically on our rules. We are hosting a webinar on 29 January to help firms get ready for authorisation.
• We provide firms with lots of resources to help them understand our rules and how to meet expectations. Read more on cryptoassets[13].
• The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA[14].