The UK Financial Conduct Authority opened consultations on December 16, 2025 covering how a broader crypto regulatory regime should work. The proposals addressed trading platforms and intermediaries, lending and borrowing, staking, decentralized finance, disclosures and market abuse.
For businesses, the practical issue was the direction of future requirements. Publication of a consultation did not mean that every proposed rule was already in force.
Related reporting: UK FCA opens sweeping consultation on crypto rules for exchanges, lending and DeFi
What the regulator proposed
The FCA announcement described a framework intended to improve information available to investors and address misconduct while allowing innovation. The accompanying papers included CP25/40, CP25/41 and CP25/42.
The regulator requested responses by February 12, 2026. Its announcement followed legislation laid before Parliament on December 15.
How to read the announcement
At this stage the FCA said crypto remained largely outside its regulatory perimeter except for financial promotions and financial-crime controls. The consultation process was a step toward a wider regime, rather than a blanket approval of crypto businesses or products.
Readers assessing a firm should distinguish its existing permissions from proposals that may change after consultation.
Editor’s note: An unrelated September dateline has been removed. This historical report concerns the December 2025 consultation and distinguishes proposals from rules already in force. The original publication date is unchanged.