Skip to Primary Navigation

Skip to main content

FCA publishes second paper on prudential regime for cryptoasset firms

Cryptocurrency symbols on domino tiles symbolizing risk of bitcoin fall destroying the whole market
Photo: SKapl/Getty Images

Tom Callaby | CMS, Sam Robinson | CMS

13 min read
 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

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

, , , , , , , , , , ,

Get full access, free for a month

Start your 28-day free trial to continue reading and access
all content on GRIP – no payment details required.

Start free trial Sign in

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience