"Our research results highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the UK. "
- Matthew Long, director of payments and digital assets at the FCA
The FCA has started to share its approach to regulating crypto, publishing an indicative roadmap of key dates for the development and introduction of the UK’s crypto regime.
The roadmap sets out a series of focused consultations. In the first half of 2025, the regulator is due to issue discussion papers on trading platform rules, intermediation, lending rules and prudential considerations.
In Q3 2025, the FCA will issue a consultation paper on conduct and firm standards, including operational resilience and financial crime, Consumer Duty, complaints and the Senior Managers and Certification Regime (SMCR).
All final rules are due to be published in 2026, after which the regime will go live.
The regulator has already brought together over 100 organisations involved in the industry, like crypto exchanges, banks, trading firms, blockchain analytics companies, law firms, industry associations and universities, Government officials, academics and other regulatory authorities including the Treasury and Bank of England. The US Securities and Exchange Commission also shared their views.
Participants discussed what a future regime should look like for trading platforms and intermediaries – exploring topics like location policy, operational resilience requirements, conflicts of interest and matching and order execution.
The FCA is also working with industry and the Treasury to help shape an industry-led market-abuse information sharing platform.
According to the FCA's latest research on consumer attitudes and behaviours towards crypto, 12% of UK adults now own crypto, up from 10% in previous findings.
Awareness of crypto also rose from 91% to 93%. The average value of crypto held by people increased from £1,595 to £1,842. Respondents told the FCA that information from family and friends was the most common source of information for those who had never bought crypto. Only 1 in 10 people say they did not do any research before buying crypto.
Around a third of people said they believed they could raise a complaint with the FCA if something went wrong and were seeking recourse or financial protection. Currently, crypto remains largely unregulated in the UK and high-risk.
Matthew Long, director of payments and digital assets at the FCA, said: “Our research results highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the UK. We want to develop a sector that embraces innovation and is underpinned by market integrity and consumer trust.
“We’re committed to working closely with the Government, international partners, industry and consumers to help us get the future rules right.”
