The UK Financial Conduct Authority (FCA) has recently launched a consultation on draft guidance regarding stablecoins, crypto trading platforms, asset custody, staking, and other regulated digital asset activities, widely soliciting market feedback to refine its crypto regulatory roadmap. This consultation aims to gather industry perspectives rather than issue final rules, and the feedback will influence the practical operation of the upcoming crypto asset management regime in the UK.
In an announcement made on April 16, the FCA mentioned this consultation, with BlockBeats citing a report from The Block summarizing the latest feedback solicitation on crypto asset regulatory rules. The document is viewed as a consultation step under the roadmap published by the FCA, rather than a final rulebook.
The deadline for participant feedback is June 3, 2026, providing companies, industry organizations, legal advisors, and consumer groups approximately seven weeks to submit written opinions. The FCA regards this feedback solicitation as a request for opinions on specific regulated digital asset activities, rather than a position that has already been established.
The draft guidance covers the crypto space, including: issuing qualifying stablecoins, safeguarding crypto assets, operating trading platforms, trading as a principal or agent, arranging crypto asset transactions, and arranging staking. These activities will be subject to FCA's authorized regulation once the new regime is implemented.
The issuance of stablecoins and trading platforms is at the core of this document, as they determine how digital currencies are created and how retail and institutional users access the market. Asset custody and staking arrangements will extend the regulatory scope to companies that hold customer assets or connect users to validator networks.
This consultation stems from the Financial Services and Markets Act 2000 (Crypto Assets) Regulations, passed by Parliament on February 4, 2026, which provides the legal basis for these new regulatory activities.
The focus on stablecoins and trading platforms is due to their role as the foundational market infrastructure where consumer risks are concentrated: the tokens held by users represent value, and the trading platforms serve as the venues for exchanging that value. By delineating boundaries around issuance, safeguarding, and matching transactions, the FCA aims to focus on the parts of the ecosystem that are most similar to existing regulated payment and market activities.
Additionally, other areas covered in the guidance, such as arranging staking or acting as an agent in transactions, while important, are viewed as ancillary activities. This order aligns with the FCA's historical approach to constructing boundary rules around core banking and market functions.
The FCA is seeking feedback from crypto issuers, exchanges, asset custodians, law firms, industry associations, and consumer advocates. As this guidance defines which activities fall under regulatory scope, companies currently on the boundary, including those offering hybrid services, will be directly affected.