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FCA consultation paper on approach to regulating crypto-asset activities

A photo illustration of a Bitcoin British banknotes.
Photo: Peter Dazeley/Getty Images

Sam Robinson | CMS, Yasmin Johal | CMS

11 min read
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Non-UK operators in this space should start considering the proposed requirements and how they intend to structure their UK business models.

On December 16, 2025, the FCA published its long awaited consultation paper (CP25/40) Regulating Cryptoasset Activities, setting out its proposed rules for crypto-asset trading platforms (and their operators), intermediaries, lending and borrowing, staking, and decentralized finance.

These proposals build on the FCA’s discussion paper published in May 2025 on this topic (see

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