We are asking for views on new proposals as the next step in shaping the UK’s crypto rules. These proposals continue our progress towards an open, sustainable and competitive crypto market that people can trust.
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 intermediaries, 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 an intermediary. 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[1], CP25/41[2] and CP25/42[3] pages.
Notes to editors
- Read CP25/40[1], CP25/41[2] and CP25/42[3].
- Read our Cryptoassets consumer research 2025[4] and Cryptoasset regulation and consumer decision-making: Evidence from an online experiment[5] research notes.
- 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).
- 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.
- The FCA has previously set out the timeline for crypto regulation in its crypto roadmap.
- 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.
- Find out more about existing rules[6] firms must comply with.
- 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.
- We provide firms with lots of resources to help them understand our rules and how to meet expectations. Find out more[9].
- The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA[7].