CP25/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets

Read CP25/41 (PDF)[2]

Why we are consulting

In December 2025, the government laid the draft Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025[3] (the Cryptoasset Regulations), to bring cryptoasset activities within our regulatory remit.

Our remit is currently limited to overseeing how cryptoassets are promoted and ensuring firms meet anti-money laundering standards.

This CP is published alongside CP25/40[4], which sets out our proposed rules and guidance for firms conducting regulated cryptoasset activities, and CP25/42[5] which contains proposed prudential rules applying to all regulated cryptoasset activities. 

We will consider responses to all the consultations as part of the Crypto Roadmap[6] and we intend to set out our final rules and guidance in policy statements in 2026. 

Who this applies to

This CP will primarily interest firms that participate in, or support the services of, regulated cryptoasset activities such as cryptoasset trading platforms, cryptoasset intermediaries, stablecoin issuers and others. It will also be relevant to anyone who has bought (or sold), or may in the future buy (or sell), cryptoassets from an entity providing services or making offers of cryptoassets in the UK or to persons in the UK. 

It will also interest a wide range of organisations and individuals, both domestically and internationally, that participate in the cryptoasset sector. 

This document should be read by:

• cryptoasset firms (including potentially firms based overseas) providing services to UK consumers
• stablecoin issuers
• traditional finance firms and market participants  
• industry groups/trade bodies
• professional advisors
• law firms and consulting firms advising on cryptoassets
• consumer groups and individual consumers
• policy makers and other regulatory bodies
• industry experts and commentators
• academics and think tanks
• other firms or professional bodies involved in cryptoassets

Next steps

On 30 June 2026, we published our final rules and guidance[7], which will apply to all cryptoasset firms which have been authorised to operate under FSMA on or after 25 October 2027.

Background

The A&D and MARC regimes form a central part of the UK’s broader future financial services regulatory regime for cryptoassets. Together, they are designed to:

• strengthen safeguards and protection by improving the quality and reliability of information available at the point of admission to trading
• enhance market integrity by tackling fraud, scams and abusive practices such as insider dealing and market manipulation, and
• raise standards across cryptoasset markets, supporting fair competition and clean, well-functioning cryptoasset markets.

Introducing these regimes will establish a base level of rules that will build consumer confidence, enable firms to compete on a level playing field, and reinforce the UK’s position as a jurisdiction that combines high regulatory standards with support for innovation.