UK FCA Proposes New Crypto Rules

The UK Financial Conduct Authority (FCA) has outlined proposed rules and guidance for a new regulatory regime governing cryptoassets, focusing on admissions, disclosures, and market abuse [1]. This follows the publication of the final draft of the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 by HM Treasury on December 15, 2025 [2]. The framework aims to integrate crypto into existing financial regulations under the principle of "same risk, same regulatory outcome" [2].

Key takeaways

• The UK government published draft regulations on December 15, 2025, creating a Designated Activities Regime for qualifying cryptoassets [2].
• Cryptoasset trading platforms must conduct due diligence and ensure Qualifying Cryptoasset Disclosure Documents are published before trading starts [1].
• A new market abuse regime will apply to qualifying cryptoassets, covering insider dealing and market manipulation [1].
• Most provisions of the new regulatory framework are scheduled to come into force on October 25, 2027 [2].

New admission and disclosure standards

Under the proposed admissions and disclosures (A&D) regime, operators of cryptoasset trading platforms (CATPs) that allow retail participation will face direct rules intended to strengthen consumer protection [1]. The FCA aims to reduce scams and remove low-quality tokens by requiring CATPs to establish risk-based admission criteria and conduct due diligence before admitting assets [1]. A central requirement is the publication of a Qualifying Cryptoasset Disclosure Document (QCDD), which must be filed with an FCA-owned centralised repository before trading begins [1]. Notably, the FCA proposes that the Consumer Duty will not apply to these activities; instead, bespoke A&D rules will govern admissions and public offers [1]. Issuers of UK-issued qualifying stablecoins will face different disclosure requirements, such as website information and a specific QCDD without a summary [1].

Market abuse rules and regulatory scope

The consultation also introduces a market abuse regime for cryptoassets (MARC), which adapts existing UK Market Abuse Regulation principles to the crypto market [1]. This regime will criminalise insider dealing, unlawful disclosure of inside information, and market manipulation in relation to qualifying cryptoassets [1]. The FCA proposes that issuers, offerors, and CATPs are responsible for disclosing inside information that directly concerns them, initially via their own websites [1]. The broader framework defines a qualifying cryptoasset as a fungible and transferable token that functions like a currency or asset, rather than a restricted-use token or record of value [2]. By folding crypto into the Financial Services and Markets Act 2000, the regulations bring trading platforms, intermediaries, and certain lending activities within the regulatory perimeter, requiring authorisation and compliance with conduct rules [2].