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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.

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