Future Cryptoasset Regulatory Regime
Up-to-date information, analysis, and source links to help cryptoasset businesses understand and respond to the latest regulatory developments.
Last updated December 2025.
Awaiting Publication
All policy statements to be published and application gateway opens
- Publication Date: TBC — expected 2026
- Regulator: FCA
- Description: N/A
- Publication Type: Policy statements
- Response Date: N/A
- Link: Not yet published
Consultation paper: Regulating cryptoasset activities (trading platforms, intermediation, lending and staking)
- Publication Date: TBC — expected in Q4 2025/Q1 2026
- Regulator: FCA
- Description: Consultation paper on regulating cryptoasset trading platforms, intermediation, lending and staking activities, following on from DP25/1.
- Publication Type: Consultation paper
- Response Date: N/A
- Link: Not yet published
Second consultation paper: A prudential regime for cryptoasset firms
- Publication Date: TBC — expected in Q4 2025/Q1 2026
- Regulator: FCA
- Description: A second consultation paper on the remaining aspects of the FCA’s prudential regime for cryptoasset firms is expected to follow CP25/15. The paper is anticipated to cover prudential rules for firms around safeguarding qualifying cryptoassets while also offering additional services, such as operating a trading venue or staking, as well as prudential rules for other cryptoasset activities.
- Publication Type: Consultation paper
- Response Date: N/A
- Link: Not yet published
Consultation paper: Admissions and disclosures regime
- Publication Date: TBC — expected in Q3 2025
- Regulator: FCA
- Description: Consultation paper on the admissions and disclosures, following on from DP24/4 Regulating cryptoassets – Admissions & Disclosures and Market Abuse Regime for Cryptoassets (December 2024).
- Publication Type: Consultation paper
- Response Date: N/A
- Link: Not yet published
Consultation paper: Market abuse regime
- Publication Date: TBC — expected in Q3 2025
- Regulator: FCA
- Description: Consultation paper on the market abuse regime, following on from DP24/4 Regulating cryptoassets – Admissions & Disclosures and Market Abuse Regime for Cryptoassets (December 2024).
- Publication Type: Consultation paper
- Response Date Due: N/A
- Link: Not yet published
Published
Consultation paper: proposed regulatory regime for sterling-denominated systemic stablecoins
- Publication Date: 10 November 2025
- Regulator: BoE
- Description: Consultation paper setting out the BoE’s proposed regulatory regime for sterling-denominated systemic stablecoins, including prudential and operational requirements, temporary holding limits, and backing asset rules. The consultation paper follows the BoE’s discussion paper on the regulatory regime for systemic payment systems using stablecoins and related service providers (November 2023).
- Publication Type: Consultation paper
- Response Date: 10 February 2026
- Link: BoE consultation paper
CP25/25: Application of FCA Handbook for Regulated Cryptoasset Activities
- Publication Date: 17 September 2025
- Regulator: FCA
- Description: Consultation paper addressing how the FCA Handbook rules will apply to cryptoasset firms, including high level standards (PRIN, SYSC, COCON, COND, FIT, and GEN), business standards (ESG), regulatory processes (SUP, and DEPP), regulatory/registry guides (FCG and FCTR), and the FCA glossary terms. It provides non-handbook guidance to support the operation of SYSC 15A on operational resilience, how to achieve similar outcomes to the Consumer Duty, and whether access to the FOS and DISP 1 rules should be extended to cryptoasset firms. The consultation paper follows on from DP25/1 on regulating cryptoasset activities (May 2025) and HMT’s Future financial services regulatory regime for cryptoassets: Response to the consultation and call for evidence (October 2023).
- Publication Type: Consultation paper
- Response Date: 15 October 2025 (chapters 6-7); 12 November 2025 (chapters 1-5)
- Link: FCA CP25/25
CP25/15: A prudential regime for cryptoasset firms
- Publication Date: 28 May 2025
- Regulator: FCA
- Description: Proposed prudential rules for cryptoasset firms, particularly stablecoin issuers and cryptoasset safeguarding firms. This consultation paper follows on from DP23/4 Regulating cryptoassets Phase 1: Stablecoins (November 2023).
- Publication Type: Consultation paper
- Response Date: 31 July 2025
- Link: FCA CP25/15
CP25/14: Stablecoin issuance and cryptoasset custody
- Publication Date: 28 May 2025
- Regulator: FCA
- Description: Consultation paper covering conduct regulations and requirements for qualifying stablecoin issuers and qualifying cryptoasset custodians
- Publication Type: Consultation paper
- Response Date: 31 July 2025
- Link: FCA CP25/14
DP25/1: Regulating cryptoasset activities (trading platforms, intermediation, lending and staking)
- Publication Date: 2 May 2025
- Regulator: FCA
- Description: FCA discussion paper on the regulatory approach for cryptoasset-related activities under the new regime, seeking views on regulation of trading platforms, intermediaries, staking, lending and borrowing, and decentralised finance. The FCA also sought feedback on the use of credit to purchase cryptoassets.
- Publication Type: Discussion paper
- Response Date: 13 June 2025
- Link: FCA DP25/1
Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 (Draft SI)
- Publication Date: 29 April 2025
- Regulator: HMT
- Description: Near-final draft legislation establishing a new UK cryptoasset regulatory regime including new regulated activities
- Publication Type: Draft statutory instrument
- Response Date: 23 May 2025
- Link: HMT draft statutory instrument
Policy note on the future financial services regulatory regime for cryptoassets (regulated activities)
- Publication Date: 29 April 2025
- Regulator: HMT
- Description: Policy note accompanying the draft statutory instrument for cryptoasset regulation; provides an explanation of the proposed regime
- Publication Type: Policy note
- Response Date: 23 May 2025
- Link: HMT policy note
New cryptoasset rules to drive growth and protect consumers
- Publication Date: 29 April 2025
- Regulator: HMT
- Description: Summary of the new UK cryptoasset rules designed to enhance protection and foster market growth
- Publication Type: Government press release
- Response Date: N/A
- Link: HMT press release
DP24/4: Regulating cryptoassets – Admissions & Disclosures and Market Abuse Regime for Cryptoassets
- Publication Date: 16 December 2024
- Regulator: FCA
- Description: Discussion paper detailing proposed rules for cryptoasset admissions and disclosures as well as a cryptoasset-specific market abuse regime
- Publication Type: Discussion paper
- Response Date: 14 March 2025
- Link: FCA DP24/4
FCA Crypto Roadmap
- Publication Date: 26 November 2024
- Regulator: FCA
Description: Proposed schedule for policy publications related to cryptoassets and the content the publications are expected to cover. - Publication Type: Crypto roadmap
- Response Date: N/A
- Link: FCA Crypto Roadmap
DP23/4: Regulating cryptoassets Phase 1: Stablecoins
- Publication Date: 6 November 2023
- Regulator: FCA
- Description: Discussion paper on regulation of fiat-backed stablecoins including custody, issuance, and payments
- Publication Type: Discussion paper
- Response Date: 6 February 2024
- Link: FCA DP23/4
Discussion paper: Regulatory regime for systemic payment systems using stablecoins and related service providers
- Publication Date: 6 November 2025
- Regulator: BoE
- Description: Discussion paper setting out the BoE’s proposed regulatory regime systemic payment systems using stablecoins and related service providers. The paper focuses on sterling-denominated stablecoins as it considers them the most likely digital settlement assets to be used widely for payments.
- Publication Type: Discussion paper
- Response Date: 12 February 2024
- Link: BoE discussion paper
Future financial services regulatory regime for cryptoassets: response to the consultation and call for evidence
- Publication Date: 30 October 2023
- Regulator: HMT
- Description: HMT outline of intention to bring a number of crypto activities into the regulatory perimeter for financial services firms.
- Publication Type: Response to consultation and call for evidence
- Response Date: N/A
- Link: HMT consultation response
Update on plans for the regulation of fiat-backed stablecoins
- Publication Date: 30 October 2023
- Regulator: HMT
- Description: HMT update on plans for the regulation of fiat-backed stablecoins, providing further clarity on activities relating to fiat-backed stablecoins.
- Publication Type: Policy update
- Response Date: N/A
- Link: HMT policy update
Future financial services regulatory regime for cryptoassets
- Publication Date: 1 February 2023
- Regulator: HMT
- Description: HMT consultation and call for evidence on a future regulatory framework for cryptoassets in the UK
- Publication Type: Consultation and call for evidence
- Response Date: 30 April 2023
- Link: HMT consultation and call for evidence