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FCA publishes second paper on prudential regime for cryptoasset firms

Cryptocurrency symbols on domino tiles symbolizing risk of bitcoin fall destroying the whole market
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Tom Callaby | CMS, Sam Robinson | CMS

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A summary of the key proposals, drawing out the practical implications and next steps for affected businesses and markets.

On December 16, 2025, the FCA published its second consultation paper on the proposed Prudential Regime for Cryptoasset Firms (CP25/42). This follows an earlier paper on the proposed prudential regime for stablecoin issuers and cryptoasset custodians in May 2025 (CP 25/15) (see our summary of the earlier paper).

This consultation paper is part of

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