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UK regulators start major consultation on crypto listings, DeFi, and staking

The proposals outline a "similar approach" to regulating crypto as in TradFi, echoing the U.K. Treasury's intention to extend financial rules to crypto.

Dec 16, 2025, 11:52 a.m.
UK FCA (FCA, modified by CoinDesk)
The U.K.'s FCA is seeking feedback on proposed cryptocurrency rules under a new regulatory regime. (FCA, modified by CoinDesk)

What to know:

  • The U.K.'s FCA is seeking feedback on proposed cryptocurrency rules under a new regulatory framework.
  • The proposals outline a "similar approach" to regulating crypto as in traditional finance.
  • Responses to the FCA's consultation are open until Feb. 12, 2026.

The U.K.'s Financial Conduct Authority (FCA) is seeking feedback on proposed cryptocurrency rules under a new regulatory framework.

The watchdog is consulting on areas such as rules for listing crypto tokens, standards for exchanges, market abuse, requirements for brokers and other middlemen, lending and borrowing, decentralized finance (DeFi) and staking, according to an announcement on Tuesday.

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The proposals outline a "similar approach" to regulating crypto as in traditional finance (TradFi), echoing the U.K. finance ministry's Monday announcement of its intention to extend financial services rules to crypto.

The Treasury said it plans to build a regulatory framework for the cryptocurrency industry by 2027.

Responses to the FCA's consultation are open until Feb. 12, 2026.

The Bank of England (BOE) has also proposed rules for the oversight of stablecoins, which is also open to consultation through February 2026.

Read More: UK FCA plans to waive some rules for crypto companies: FT

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SEC makes quiet shift to brokers' stablecoin holdings that may pack big results

U.S. Securities and Exchange Commission (Jesse Hamilton/CoinDesk)

The securities regulator has continued its Project Crypto work to make unofficial policy changes as it moved to let broker-dealers treat stablecoins as capital.

Cosa sapere:

  • The addition of a few lines in a frequently-asked-questions page on the U.S. Securities and Exchange Commission website may open up the use of stablecoins in capital calculations for U.S. broker-dealers.
  • The agency is instructing brokers that they need only give their stablecoins a 2% haircut when calculating how much they can be used as regulatory capital.