The United Kingdom’s Financial Conduct Authority is seeking public comment on its plans to improve the transparency of the country’s cryptocurrency markets.
The FCA’s request for feedback follows its release of a discussion paper that will inform the development of its rules for crypto-asset admissions and disclosures and crypto-asset market abuse, the regulator said in a Monday (Feb. 16) press release.
“We want to develop a crypto regime that is fair, balanced and proportionate for all,” the release said. “We need input from the government, our international partners, industry and consumers to help us get the future rules right.”
The FCA is accepting comments until March 14, 2025, according to the release.
The regulator aims to improve the integrity of the U.K.’s crypto markets, help protect consumers, and support the country’s growth and competitiveness, the release said.
Its discussion paper is based on an earlier government consultation and crypto roundtables led by the FCA, per the release.
The FCA added in the release that crypto remains largely unregulated in the U.K. and that consumers are currently unlikely to be protected if something goes wrong.
“We encourage industry to share its expertise and help us shape the rules,” the release said. “We want industry to take the lead in developing new ways of disclosing important information to make sure people understand the risks before purchasing crypto.”
It was reported in November that the U.K. will consider a comprehensive regulatory framework for the cryptocurrency sector in 2025.
The Labour Party, which came to power in July, will draft rules that include stablecoins and staking services.
“Doing everything in a single phase is simpler, and it just makes more sense,” Economic Secretary to the Treasury Tulip Siddiq said in November at a conference.
The FCA published its cryptocurrency regulation roadmap in November and said it plans to issue its final crypto rules in 2026.
The roadmap outlines a series of “focused consultations,” an approach designed to make policy development transparent and help people participate by making the process more manageable and flexible.
The FCA found that 12% of U.K. adults own crypto, up from 10% in past findings.
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