CP25/42: A prudential regime for cryptoasset firms

Read CP25/42 (PDF)

Why we are consulting

Following legislation, new cryptoasset activities will come under our regulatory remit. This CP extends the scope of our regulation to operating a qualifying cryptoasset trading platform (CATP), staking, arranging deals, dealing as agent and dealing as principal in qualifying cryptoassets. It also contains additional proposed prudential rules applying to all regulated cryptoasset activities.

This CP is published alongside CP25/40, which sets out our proposed rules and guidance for firms conducting regulated cryptoasset activities, and CP25/41, which sets out our proposed requirement for admissions, disclosures and our market abuse regime for cryptoassets.

Who this is for

• Firms seeking authorisation and regulation for the Regulated Activities outlined in the Cryptoasset Regulations.
• Firms that participate in, or support the services of, regulated cryptoasset activities.
• Industry groups, law firms and trade bodies representing firms in the cryptoasset sector.
• Auditors providing services to cryptoasset firms.
• Professional advisors in the cryptoasset sector.
• Consumers and consumer groups.

It may also interest:

• Policymakers and other regulatory bodies.
• Academics and think tanks.
• Industry experts and commentators.

Next steps

Online response form

We are asking for feedback on the proposals in this CP by 12 February 2026 using the online form.

You can also send comments by emailing: [email protected] or by writing to: Prudential Policy, Financial Conduct Authority, 12 Endeavour Square London E20 1JN

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

Background

In December 2025, the Treasury introduced the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 (‘the Cryptoasset Regulations’) to bring new cryptoasset activities within our regulatory remit. 

In May 2025, we published a CP on proposed prudential rules and guidance for issuing qualifying stablecoins and safeguarding qualifying cryptoassets.