The Financial Conduct Authority (FCA) is seeking views on further rules for cryptoasset firms as the final step in its consultations on crypto rules.
The FCA has made significant progress in delivering its crypto roadmap and is helping firms meet regulatory standards and prepare for the gateway opening in September 2026.
The FCA has set out proposals on how the Consumer Duty, conduct standards, redress and safeguarding will apply to cryptoasset firms. It is also seeking feedback on its proposed approach to international cryptoasset firms.
These proposals continue 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 the FCA is aiming for a market where innovation can thrive, but where people understand the risks involved. Regulation cannot – and should not try to – remove all risk, and the FCA wants those interested in investing in crypto to understand that risk.
This consultation follows a package of proposals set out in December on how the FCA intends to apply a similar approach to cryptoassets as it does in traditional finance, with clear information for consumers, proportionate requirements for firms and flexibility to support innovation.
While the FCA continues to develop its cryptoasset regime at pace following the publication of draft legislation by the Government, consumers should be aware that cryptoassets are currently largely unregulated – except for financial promotions and financial crime purposes.
Consultation responses are open until 12 March 2026.
To share views, respondents are directed to CP26/4.
Areas under consultation include:
-
Consumer Duty – how the Duty will apply to cryptoasset firms, supported by additional non-Handbook guidance, to ensure firms deliver good outcomes for retail customers.
-
Redress and Dispute Resolution (DISP) – the FCA’s 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, aimed at reducing risks of harm from borrowing to invest.
-
Training and competence – standards for staff knowledge and skills, ensuring firms have competent individuals managing crypto services.
-
Senior Managers and Certification Regime (SM&CR) – the FCA’s approach to categorising cryptoasset firms under the SM&CR.
-
Regulatory reporting (SUP 16) – requirements for firms to report data to the FCA so risks can be monitored and supervision carried out effectively.
-
Cryptoasset safeguarding – applying safeguarding rules to firms conducting multiple regulated cryptoasset activities, and the proposed approach to custody of specified investment cryptoassets.
-
Retail collateral treatment in cryptoasset borrowing – how retail consumers’ collateral should be treated when borrowing cryptoassets, to protect consumer interests.
-
Location policy guidance – clarifying expectations on where cryptoasset firms should be based to ensure effective regulatory oversight.
More information
- This publication marks the next milestone in UK crypto regulation and closely engages with the Government’s proposals, including the statutory instrument laid in Parliament on 15 December 2025.
- The FCA has previously set out the timeline for crypto regulation in its crypto roadmap.
- Last year, the FCA consulted on key topics including stablecoin issuance and cryptoasset custody (CP25/14), prudential rules (CP25/15 and CP25/42), application of the FCA Handbook (CP25/25), conduct of business and high-level standards (CP25/40), and admissions, disclosures and market abuse (CP25/41).
- The FCA also provides information on existing rules that firms must comply with and runs webinars and in-person events with industry and compliance teams to educate crypto firms on regulatory expectations. A webinar is being hosted on 29 January to help firms prepare for authorisation.
- The FCA provides a range of resources to help firms understand regulatory requirements and how to meet expectations.
- The FCA’s role is to enable a fair and thriving financial services market for the benefit of consumers and the wider economy.
Source: FCA
