The UK's top financial regulatory body has announced new proposals on how existing financial rules will apply to cryptocurrency companies, marking a new step in the construction of the regulatory framework for the industry.
The Financial Conduct Authority (FCA) released a consultation document on Wednesday, outlining the minimum standards that crypto companies will need to meet once the industry is formally included within its regulatory scope. The regulator stated that these rules are designed to encourage innovation and maintain competitiveness while protecting consumers and market integrity.
David Geale, Executive Director of Payments and Digital Finance at the FCA, said: "We want to develop a sustainable and competitive crypto industry—balancing innovation, market integrity, and trust."
Geale pointed out that while these proposals cannot eliminate the risks of crypto investment, they help businesses adhere to unified standards, allowing consumers to have a clearer understanding of their expectations.
The FCA noted that many of the requirements are similar to those obligations applicable to traditional financial institutions, including operational resilience and controls to prevent financial crime. However, the regulator also discussed issues unique to the crypto market.
The FCA is seeking feedback on whether the UK's Consumer Duty (which requires financial firms to deliver good outcomes for consumers) should also apply to crypto companies and activities related to crypto assets.
The regulator is also soliciting opinions on how to manage complaints related to crypto, including whether consumers should have the right to submit related complaints to the Financial Ombudsman Service (FOS).
Prior to the release of this proposal, the UK Treasury had published relevant legislative drafts in April.
The draft rules related to crypto propose to include exchanges, brokers, and agents within the existing regulatory framework.
The government stated that the plan demonstrates the UK's "openness to business," while remaining closed to fraud and abuse.
This consultation follows initiatives for the UK and the US to deepen cooperation on digital assets.
The Financial Times reported on Wednesday that UK Chancellor Rachel Reeves discussed with US Treasury Secretary Scott Bessent how the two countries can strengthen coordination in the crypto space.
According to anonymous sources, the discussions involved executives from companies such as Coinbase, Circle, and Ripple, as well as traditional financial institutions like Bank of America, Barclays, and Citigroup.
Cointelegraph has reached out to the FCA for more information but has not received a response as of the time of publication.
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