Regulatory Body Suggests Strategies for Encouraging Ethical Conduct Among Cryptocurrency Companies
The Financial Conduct Authority (FCA) has announced its intentions to regulate the cryptoasset market, with a focus on implementing the Consumer Duty and ensuring UK firms can compete effectively on a global scale.
In a series of events following HM Treasury's draft legislation published in April 2025, the FCA is currently working on defining what these standards should look like, in preparation for legislation to bring crypto regulation under their purview. The FCA's executive director of payments and digital finance, David Geale, has stated these intentions.
The Consumer Duty, which requires firms to act to deliver good outcomes for their consumers, is under discussion for its application to the cryptoasset market. The FCA is considering the specific characteristics of the cryptoasset market when designing the regulations.
The regulations aim to be proportionate, allowing UK firms to compete internationally. Similar requirements as those for traditional financial firms will be applied, including operational resilience and anti-crime systems.
The proposals for regulating cryptoassets have similar requirements as those for traditional financial firms, including operational resilience and anti-crime systems. The FCA is also soliciting views on whether consumers should be able to refer complaints to the Financial Ombudsman Service in the cryptoasset market.
The FCA is seeking opinions on how the Consumer Duty should be implemented in the cryptoasset market, as well as on how complaints should be managed. The deadline for feedback on the FCA's discussion paper is 15th October 2025, and for the consultation paper is 12th November 2025.
The author of the procedural proposals for the crypto sector in the UK is the Financial Conduct Authority (FCA), and the publication is called the "Cryptoasset Taskforce Report." The FCA's proposals are designed to help firms meet common standards, giving consumers a better idea of what to expect.
The FCA will publish final rules in 2026, with the aim of developing a sustainable and competitive crypto sector, balancing innovation, market integrity, and trust. The regulations for the cryptoasset market are being designed with the specific characteristics of the market in mind.
Read also:
- Minimal Essential Synthetic Intelligences Enterprise: Essential Minimum Agents
- Tesla is reportedly staying away from the solid-state battery trend, as suggested by indications from CATL and Panasonic.
- UK automaker, Jaguar Land Rover, to commit £500 million for electric vehicle manufacturing in Merseyside
- Fast-food chain Subway joins the trend of plant-based alternatives, introducing a Beyond Meat meatball sub.
