The Financial Conduct Authority (FCA)
is seeking feedback on proposals on the minimum standards crypto
firms will need to comply with.
The proposals mirror many requirements
which already apply to traditional financial firms, such as on
operational resilience and systems and controls to fight
crime.
The rules aim to be proportionate,
allowing UK firms to compete
internationally.
Recognising some of the cryptoasset
market's unique features, the FCA has opened a discussion on how
the Consumer Duty, which would require firms to act to deliver
good outcomes for their consumers, should apply to crypto. The
regulator is also seeking views on how complaints should be
managed, including whether consumers should be able to refer them
to the Financial Ombudsman Service.
David Geale, executive director of
payments and digital finance said: “We want to develop a
sustainable and competitive crypto sector – balancing innovation,
market integrity and trust. Our proposals won't remove the risks
of investing in crypto, but they will help firms meet common
standards so consumers have a better idea of what to
expect.
“We are working now on what those
standards should look like, ahead of legislation to bring it
within our regulation.”
The proposals follow HM
Treasury's draft
legislation published in
April 2025. The deadline for
feedback on the consultation paper is 12th November 2025. The
deadline for feedback on the discussion paper is 15th October
2025. The FCA will publish final rules in
2026.
Notes to
editors
-
Read the consultation
paper.
-
Find out more about existing rules firms must comply with.
