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FCA Seeks Feedback on Regulation of Cryptoasset Trading Platforms in Next Phase of Road to Regulation
The Financial Conduct Authority (FCA) is seeking views on the future regulation of specific cryptoasset activities, ahead of legislation to bring them within regulation.
Clear crypto regulation will boost confidence in the sector, supporting growth. In this latest discussion paper (DP), the FCA is seeking views on intermediaries, staking, lending and borrowing, and decentralised finance (DeFi).
With more people using credit to purchase crypto, the DP also considers whether restrictions should be applied in that area.
David Geale, Executive Director of Payments and Digital Finance at the FCA, said: “Crypto is a growing industry. Currently largely unregulated, we want to create a crypto regime that gives firms the clarity they need to safely innovate, while delivering appropriate levels of market integrity and consumer protection.
“Our aim is to drive sustainable, long-term growth of crypto in the UK. We’re asking whether we have got the balance right.”
This is the latest policy publication in the FCA’s Crypto Roadmap which provides a clear timeline for consulting on future crypto regulation. Other areas in the roadmap include market abuse and admissions and disclosures, stablecoins and custody, and prudential considerations.
Today’s discussion paper follows the publication of draft legislation by the Treasury that, once passed, will bring specific cryptoasset activities within the FCA’s regulation. The DP reflects insights gained from a series of FCA-led industry roundtables.
It comes shortly after the publication of its new 5 year strategy. From 2025-2030, the FCA will prioritise smarter regulation, supporting sustained economic growth, helping consumers navigate their financial lives, and fighting financial crime.
The deadline for views is 13 June 2025. The FCA will consult on the final regime, having considered the feedback from this discussion paper, later this year.
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