On 26 November 2024, the FCA published a Crypto Roadmap setting out a timeline for its proposed policy publications for crypto assets, highlighting key areas of focus with the aim to balance market innovation with consumer protection and financial stability
It provides a detailed timeline for the development and publication of regulatory frameworks, including discussion papers, consultation papers, and policy statements, specifically targeting stablecoins and crypto assets. This initiative aligns with the UK government’s recently reinforced commitment to regulating digital assets, as articulated in a speech by Tulip Siddiq, Economic Secretary to the Treasury, delivered on 21 November 2024 and published on 25 November 2024.
The Roadmap
According to the roadmap, the FCA anticipates that all policy statements and final made rules will be published in 2026, with the FCA’s crypton asset regime going live sometime after that. However, the roadmap is not exhaustive, and all timelines are subject to change according to parliamentary time and future steers from the government.
Alongside the roadmap, the FCA has published a research note on consumer research carried out by YouGov for the FCA, looking at cryptoasset holdings in the UK and consumers’ understanding, attitudes and behavioural patterns towards them. Among other things, the research evidences a 2% increase in the number of UK adults that now own crypto assets (that is, around 7 million adults). Almost a third of those surveyed believed that they could complain to the FCA if something went wrong and wanted recourse or financial protection, despite crypto assets being largely unregulated in the UK. In a related press release, the FCA said that the research results highlight the need for clear regulation that supports a safe, competitive and sustainable crypto sector in the UK.
As part of its policy development, the FCA has held a series of roundtables with those involved in the industry (including crypto exchanges, banks, trading firms, blockchain analytics companies, law firms, industry associations and universities). The FCA has published a blog outlining the topics that were discussed, which covered admissions and disclosures, the market abuse regime, and trading platforms and intermediaries.
To download the Crypto Roadmap, click here: https://www.fca.org.uk/publication/documents/crypto-roadmap.pdf
