The UK Financial Conduct Authority launches consultation on DeFi guidelines and cryptocurrency regulatory guidelines The Financial Conduct Authority (FCA) in the UK has launched two parallel consultations aimed at soliciting industry opinions on the applicable boundaries of DeFi and its upcoming regulatory framework for encrypted assets. Both consultations will close on November 18, 2026; FCA plans to release final guidance in January 2027 after reviewing feedback from all parties. The first consultation is mainly aimed at FCA regulated enterprises that use DeFi protocols or provide convenience for accessing DeFi protocols. This guide is not intended to introduce a new set of rulebooks, but rather to clarify how existing regulatory requirements should apply when businesses provide services through highly automated, distributed ledger based systems. The second consultation explored the scope of application of cryptocurrency regulation (i.e. "regulatory boundaries") in the context of recent legislative changes.