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ARTICLE · 31 DECEMBER 2025

HM Treasury And FCA Publish Comprehensive Cryptoasset Regulatory Framework

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On 16 December 2025, the Financial Conduct Authority (FCA) published a comprehensive set of proposals to formally regulate the cryptoasset market.

United KingdomFinance and Banking
Daniel Collins
Daniel Collins
Carolyn Jackson
Carolyn Jackson
Nathaniel Lalone
Nathaniel Lalone
Neil Robson
Neil Robson
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James Wells
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On 16 December 2025, the Financial Conduct Authority (FCA) published a comprehensive set of proposals to formally regulate the cryptoasset market. The FCA's proposals, detailed in three consultation papers (CP25/40, CP25/41, and CP25/42), were released a day after HM Treasury announced that it had laid the draft 'Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025' (the Cryptoasset Regulations) before Parliament. Together, the Cryptoasset Regulations and respective FCA consultations establish the framework for the UK's new cryptoasset regulatory regime.

Background

The FCA's regulatory remit over cryptoassets is currently limited to financial promotions and anti-money laundering requirements. The Cryptoasset Regulations will significantly expand this scope by introducing new regulated activities and designated activities under the Financial Services and Markets Act 2000 (FSMA). CP25/40, CP25/41 and CP25/42 together outline the FCA's approach

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