FCA seeks fresh feedback on crypto rules, says clear regulation will support growth in the sector ahead of planned 2026 rollout

The Financial Conduct Authority, the UK's financial regulator, is seeking views on certain crypto activities in the latest discussion paper under its crypto roadmap. Specifically, the FCA is soliciting feedback from individuals, firms, industry groups, policymakers, academics and think tanks on the regulation of trading platforms, intermediaries, lending and borrowing, staking and decentralized finance ahead of legislation to bring them within regulation.

As more people use credit to buy crypto, the discussion paper also explores whether restrictions should be introduced on such practices, per a statement on Friday.

"Clear crypto regulation will boost confidence in the sector, supporting growth," 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," FCA Executive Director of Payments and Digital Finance David Geale added. "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 under the FCA's crypto roadmap — which aims to provide a clear timeline for consulting on future crypto regulation. The FCA has already conducted discussion papers on the issuance and custody of stablecoins, market abuse, admissions and disclosures and prudential considerations and plans to issue formal consultation papers later this year, following feedback from the discussion papers.

The process builds on draft legislation from the UK Treasury Department that, once enacted, will bring certain crypto asset activities under the FCA's oversight. Feedback is open until June 13.