The FCA opens consultation on new cryptocurrency rules in the United Kingdom.

• FCA proposes broad oversight for cryptocurrencies.
• Rules affect listing, staking, and minimum capital.
• Public consultation focuses on crypto protection and innovation.

The UK's Financial Conduct Authority (FCA) has launched a public consultation on a new set of rules for the cryptocurrency market. It seeks to adapt the regulatory framework already applied to traditional finance to address the specific characteristics of digital assets and the risks associated with consumers.

The regulator released three consultation documents with proposals covering different aspects of the sector, including criteria for listing cryptocurrencies, operational standards for trading platforms, and supervision of brokers and intermediaries. The intention is to subject the crypto market to a structure closer to that already existing for traditional financial instruments.

Among the key points is the requirement that cryptocurrency companies meet capital requirements similar to those applied to investment firms under MiFID. Furthermore, specific prudential rules are foreseen for digital assets, reflecting the unique characteristics of this market.

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The proposals also address practices considered sensitive, such as the use of insider information, market manipulation, and conflicts of interest. To deal with these risks, the FCA suggests rules targeting brokers and intermediaries, while also evaluating adjustments to the application of the best execution concept for cryptocurrency trading platforms. In the case of staking services, companies will have to comply with additional risk disclosure and operational safeguards obligations.

Another relevant focus of the consultation involves so-called distributed finance. The FCA indicated that it intends to apply “the same rules that apply to traditional finance” to peer-to-peer cryptocurrency-based transactions, signaling a more uniform approach between the two systems.

Some decisions, however, have been postponed until the first quarter of 2026. During this period, the regulator intends to consult the public on the application of consumer protection rules to cryptocurrency companies and on the possibility of investors taking complaints to the Financial Ombudsman Service.

Commenting on the process, David Geale, executive director of digital payments and finance at the FCA, stated:

"Our goal is to have a system that protects consumers, supports innovation, and promotes trust."

In another statement attributed to the regulator, the FCA highlighted that

“Regulation cannot — and should not — eliminate all risks. Instead, it should ensure that anyone investing in cryptocurrencies does so with full awareness.”

While the United States follows a more liberal approach, associated with the deregulatory stance of current President Donald Trump, the British model has been seen by some in the sector as more cautious. The public consultation will remain open until February 12, with the expectation of finalizing the new regime by mid-2026 and full implementation planned for October 2027.