The Financial Conduct Authority (FCA) opened a consultation, launching what it describes as the UK’s first comprehensive crypto rulebook. Built around CP25/40, CP25/41 and CP25/42, the proposals aim to fold cryptoasset activities into the existing regulatory architecture under the guiding maxim ‘same risk, same regulatory outcome’.
The consultation covers a broad set of cryptoasset activities and market functions, with regulated activities proposed to include operating qualifying cryptoasset trading platforms (CATPs), intermediary services, lending and borrowing, staking and decentralised finance (DeFi).
It also sets out expectations for admissions and disclosures for token listings, a market abuse regime to deter insider trading and manipulation, and a prudential regime specifying capital, liquidity, governance and risk‑management requirements tailored to crypto firms. The FCA is additionally consulting on stablecoin issuance and custody rules.
Market access, retail rules and strategic objectives for FCA
The FCA proposes lifting previous restrictions in a limited way: retail access to crypto‑exchange traded notes will be allowed from October 8, 2025, provided those instruments trade on an FCA‑recognised UK investment exchange. The current ban on retail access to cryptoasset derivatives remains unchanged, preserving existing guardrails while adjusting access to specific instruments.
According to the FCA, the reforms seek to strengthen consumer protection, counter illicit activity and create a predictable environment to support responsible innovation and London’s competitiveness as a crypto hub. A short quote encapsulates the regulator’s stance: ‘same risk, same regulatory outcome’, signalling intent to adapt established principles rather than create a separate bespoke regime.
The consultation period closes on February 12, 2026, and the FCA aims to finalise the rules by the end of 2026. An ‘authorization gateway’ for crypto firms is expected to open in 2026, with transitional provisions to support firms through the change.
Full implementation is targeted for October 2027, aligning the proposed rulemaking with broader domestic policy timelines and providing a phased pathway to compliance.
The FCA’s consultation sets a clear policy trajectory to integrate cryptoassets into mainstream UK financial regulation, balancing market integrity with measured market access.
