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 January 2026.
Awaiting Publication
All policy statements to be published and application gateway opens
- Publication Date: TBC
- Regulator: FCA
- Description: N/A
- Publication Type: Policy statements
- Response Date: N/A
- Link: Not yet published
The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 (Final Regulations)
- Publication Date: TBC
- Regulator: UK Parliament
- Description: On 15 December 2025, the draft Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 was before Parliament, establishing the statutory framework for regulating cryptoasset activities and coming into force on 25 October 2027. We await the final version of the Regulations which will be available once the draft is approved by both Houses of Parliament.
- Publication Type: Statutory instrument
- Response Date: N/A
- Link: Not yet published
Additional cryptoasset consultation papers and guidance
- Publication Date: 2026
- Regulator: FCA
- Description: The FCA flagged in the recently published CP 25/40, CP 25/41, and CP 25/42 that it intends to consult on additional regulatory topics and obligations that will apply to cryptoasset businesses under the new regulatory regime. Latham will continue to monitor and report on further consultation papers.
- Publication Type: Consultation paper
- Response Date: N/A
- Link: Not yet published
Published
FCA announces that the cryptoasset application gateway will open in September 2026
- Publication Date: 8 January 2026
- Regulator: FCA
- Description: On 8 January 2026, the FCA published various updates on its website, including that the gateway for firms seeking approval under the future regulatory regime for cryptoasset activities will open in September 2026. Many stakeholders had expected that the FCA would not open the gateway until close to the commencement of the new regime (25 October 2027), which would have allowed time for firms to prepare and submit applications in an orderly fashion.
As part of these updates, the FCA published various webpages outlining the regulatory requirements and expectations for businesses carrying out regulated cryptoasset activities in the UK market, including FSMA and the FCA handbook requirements, the minimum standards for firms and individuals, the FCA’s approach to authorisation and supervision, how the FCA’s authorisation gateway will operate, savings provisions, and transitional provisions for firms exiting the UK market. - Publication Type: FCA guidance
- Response Date: N/A
- Link: FCA new regime for cryptoasset regulation
The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 (Draft Regulations)
- Publication Date: 15 December 2025
- Regulator: UK Parliament
- Description: The draft Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 has been before Parliament, establishing the statutory framework for regulating cryptoasset activities and coming into force on 25 October 2027. The draft Regulations will need to be approved by both Houses of Parliament before it can be finalised and come into force.
- Publication Type: Draft statutory instrument
- Response Date: N/A
- Link: UK Parliament draft statutory instrument and draft explanatory memorandum
CP25/40: Regulating cryptoasset activities (trading platforms, intermediation, lending and staking)
- Publication Date: 16 December 2025
- Regulator: FCA
- Description: Consultation paper sets out proposed rules and guidance for cryptoasset activities such as operating trading platforms, intermediaries, lending and borrowing, staking, and the FCA’s approach to decentralised finance. CP25/40 followson from DP25/1 Regulating cryptoasset activities (trading platforms, intermediation, lending and staking) (May 2025).
- Publication Type: Consultation paper
- Response Date: 12 February 2026
- Link: FCA CP25/40
CP 25/41: Admissions and disclosures and market abuse Regime
- Publication Date: 16 December 2025
- Regulator: FCA
- Description: The admissions and disclosures regime and separately the market abuse regime will form a core part of the UK’s future crypto regulatory framework. The FCA is proposing to introduce measures to improve transparency at admission of a cryptoasset to trading, enhance market integrity by tackling fraud, scams, insider dealing, and market manipulation, and raise standards across cryptoasset markets to support fair competition and well-functioning markets. CP25/41 follows on from DP24/4 Regulating cryptoassets – Admissions & Disclosures and Market Abuse Regime for Cryptoassets (December 2024).
- Publication Type: Consultation paper
- Response Date: 12 February 2026
- Link: FCA CP25/41
CP25/42: A prudential regime for cryptoasset firms (second prudential consultation paper)
- Publication Date: 16 December 2025
- Regulator: FCA
- Description: Sets out capital, liquidity, and risk management requirements to ensure financial resilience and consumer protection for firms conducting regulated cryptoasset activities. This is the FCA’s second consultation paper on prudential standards and follows on from CP25/15 (May 2025) which proposed prudential rules for stablecoin issuers and cryptoasset safeguarding firms.
- Publication Type: Consultation paper
- Response Date: 12 February 2026
- Link: FCA CP25/42
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