The UK’s Financial Conduct Authority (FCA) is working towards establishing regulations for the crypto sector by 2026. This move comes after a period of uncertainty surrounding cryptocurrencies in the country. A recent roadmap released by the FCA outlines the agency’s plans to address various aspects of the crypto industry in the coming years.
The FCA intends to publish discussion papers on market abuse and disclosures by the end of this year, with further papers on stablecoins, trading platforms, staking, prudential crypto exposure, and lending expected early next year. The final policy statements are set to be published in 2026, marking the launch of the new crypto regime.
A study commissioned by the FCA revealed that ownership of crypto assets in the UK has increased by 4% over the past two years, with approximately 7 million adults now holding cryptocurrencies out of a population of around 68 million. This growing interest in crypto assets has prompted the FCA to take action and provide clarity for industry participants and consumers.
Economic Secretary Tulip Sidiq recently announced plans for draft regulations on cryptocurrencies, stablecoins, and staking, signaling the UK government’s commitment to addressing the crypto industry. This roadmap represents the FCA’s efforts to engage with stakeholders in the industry and ensure that the upcoming regulations are well-informed and effective.
Matthew Long, director of payments and digital assets at the FCA, emphasized the importance of collaboration with the government, international partners, industry players, and consumers in shaping the future regulatory framework. The UK’s approach to crypto regulation will align with the European Union’s Markets in Crypto Assets (MiCA) regulations, which are set to come into effect later this year.
Camomile Shumba, a regulatory reporter at CoinDesk based in the UK, has been closely following developments in the crypto sector. With a background in politics, philosophy, and economics, as well as multimedia journalism, Shumba brings a unique perspective to her reporting. Her work has been featured in various publications, showcasing her expertise in the field.
As the UK moves towards establishing crypto regulations, stakeholders in the industry can expect increased transparency and clarity from the FCA. The roadmap laid out by the regulatory authority demonstrates a proactive approach to addressing the evolving landscape of cryptocurrencies and ensuring a sound regulatory framework for the future. Stay tuned for further updates on the UK’s journey towards implementing crypto regulations by 2026.