The UK’s Financial Conduct Authority seeks comments on whether Consumer Duty, a rule requiring companies to deliver good consumer outcomes, should apply to crypto.
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The United Kingdom’s top financial regulator has outlined new proposals for how existing financial rules should apply to cryptocurrency, marking the next step in creating a regulatory framework for the sector.
The Financial Conduct Authority (FCA) a consultation paper on Wednesday, setting out minimum standards that crypto companies must meet once the industry is formally brought under its remit. The regulator said the rules are designed to balance innovation and competitiveness with protections for consumers and market integrity.
“We want to develop a sustainable and competitive crypto sector, balancing innovation, market integrity and trust,” said David Geale, executive director of payments and digital finance.
Geale said that while the proposals will not erase crypto investing risks, they will help companies meet common standards so consumers have a better understanding of what to expect.
FCA seeks consultation to deliver tailored crypto rules
The FCA said that many of the requirements are similar to obligations that apply to traditional financial institutions. This includes rules on operational resilience and controls against financial crime. The regulator also opened discussions on issues unique to crypto markets.
The FCA is seeking comments on whether the UK’s Consumer Duty, which mandates financial firms to deliver good outcomes for consumers, should also apply to crypto companies and crypto asset activities. Feedback is due in October and November, with final rules for crypto firms scheduled to be published in 2026.
The regulator also seeks views on how crypto-related complaints should be managed, including whether consumers can refer them to the Financial Ombudsman Service, the UK’s official body for settling disputes between financial companies and consumers.
The proposals come after His Majesty’s Treasury — the UK’s finance and economic ministry — published its draft legislation in April.
outlined plans to bring exchanges, dealers and agents in line with existing regulations.
The government said the plan signals the UK is “open for business” but closed to fraud and abuse.
Related:
UK to strengthen ties with US on crypto matters
The consultation follows moves from the UK and the United States preparing to deepen cooperation on digital assets.
On Wednesday, the Financial Times reported that the UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent discussed how the two nations could .
Citing anonymous sources, the outlet reported that the discussion involved companies including Coinbase, Circle and Ripple, and executives from traditional financial firms like Bank of America, Barclays and Citi.
Cointelegraph reached out to the FCA for more information, but did not receive a response by publication.
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