The Financial Conduct Authority (FCA) has published a set of consultation proposals as the next step in developing the UK’s cryptoasset regulatory regime. The package sets out a traditional-finance style framework covering consumer information and firm requirements across cryptoasset admissions and disclosures, market conduct, trading platforms, intermediaries, staking, lending and borrowing, decentralised finance (DeFi) and prudential safeguards. The proposals include rules for listing cryptoassets and related investor disclosures, measures aimed at preventing insider trading and market manipulation, and standards for cryptoasset trading platforms to support safe and reliable trading. They also cover conduct expectations for brokers and other intermediaries, risk disclosure expectations for staking services, and protections for crypto lending and borrowing. For DeFi activities, the FCA is consulting on whether the same rules that apply in traditional finance should also apply. The consultation papers also introduce specific rules and guidance for UK issuers of stablecoins, including that issuers would not be able to pass interest from their own backing assets to holders, while the FCA considers how further financial incentives could be shared when UK-issued stablecoins are used. Consultation responses are open until 12 February 2026. The FCA also indicated it will consult further on Consumer Duty and other consumer protection matters for cryptoassets, including its approach to financial promotions.

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