[FCA Launches Consultation on DeFi Guidance, Focusing on Operational Resilience and Financial Crime Risks] Deep Tide TechFlow reports that on October 22, according to consultation paper GC26/7 released by the UK Financial Conduct Authority (FCA), the FCA initiated a consultation on October 21 regarding non-Handbook guidance for decentralized finance (DeFi). The consultation period will end on November 18, with the final version planned for release in the first quarter of 2027. This guidance does not introduce new regulatory requirements. Instead, it aims to clarify how existing SYSC 15A (Operational Resilience), SYSC 6 (Compliance and Financial Crime), and the Money Laundering Regulations (MLRs) apply to regulated firms using or accessing DeFi. The FCA emphasized that regardless of whether a business claims to be "decentralized," any entity conducting regulated activities in the UK must obtain authorization or an exemption. The document revealed that from January to August 2026, decentralized exchanges accounted for approximately 14% to 19% of global crypto spot trading volume. In 2025, about 8% of UK crypto users acquired crypto assets through decentralized exchanges. According to industry data, since 2016, cumulative losses from DeFi and cross-chain bridge hacking incidents have exceeded $12 billion.