UK FCA seeks feedback to develop Cryptoasset Admissions and Disclosures and Market Abuse Regime

As of August 2024, research conducted by the FCA indicates that 12% of UK adults own cryptoassets. This reflects a growing interest in digital assets among consumers.

According to the BBC, in February 2023, the UK government announced plans to legislate for a future financial services regime for cryptoassets. The aim is to regulate a broad suite of cryptoasset activities consistent with its approach to traditional finance.

The Financial Conduct Authority regulates the financial services industry in the UK. It ensures fair and honest markets for individuals, businesses, and the broader economy. Established in 2013 as an independent public body accountable to the UK Treasury and Parliament, it oversees approximately 50,000 businesses. The FCA sets standards to protect consumers, maintain market stability, and promote competition. It is funded through fees charged to regulated firms and uses its investigative, regulatory, and enforcement powers to fulfill its mandate. According to Investopedia, its statutory objectives include protecting consumers, enhancing the integrity of financial markets, and fostering healthy competition​.