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Britain’s financial services regulator on Tuesday laid out plans to impose a broad regulatory regime on the cryptocurrency industry by 2026.
The Financial Conduct Authority (FCA), which regulates banking and investment products in the UK, has published a timetable detailing the key dates and milestones it is working towards on its cryptocurrency regulatory roadmap.
In the fourth quarter, regulators will publish discussion papers on stablecoin issuance and custody rules, access and disclosure processes, and how to address market abuse.
The FCA said it plans to publish documents in the first half of 2025 on trading platforms, intermediaries, lending, prudent cryptocurrency exposures and so-called staking rewards that companies offer for tokens held by users.
The FCA stated that by 2026, the UK will implement a complete crypto asset management system after issuing a final policy statement in the same year.
The FCA says its latest research shows cryptocurrency adoption is expanding in the UK.
However, misunderstandings remain about how markets are regulated. For example, a third of people surveyed for the FCA study said they believed they could complain to the regulator and seek recourse or financial protection if something went wrong.
Matthew Long, the FCA’s head of payments and digital assets, said in a statement on Tuesday that the FCA’s findings “highlight the need for clear regulation that supports a safe, competitive and sustainable crypto industry in the UK.”
Long added: “We are committed to working closely with government, international partners, industry and consumers to help us get the rules right for the future.”
