Een diepgaande blik op de Crypto Consultation Trilogy van de FCA: een praktische gids

Drie FCA-consultatiedocumenten die eind 2025 zijn gepubliceerd, schetsen de gedetailleerde regels voor cryptobedrijven in het VK — van handelsplatforms tot marktmisbruik. Wij lichten de belangrijkste voorstellen en cruciale deadlines voor u toe.

Overzicht waarin verschillende cryptowallettypes worden vergeleken voor het veilig bewaren van digitale activa

If the UK government's December 2025 announcement was the headline, then the three consultation papers published by the Financial Conduct Authority are the fine print. Together, CP25/40, CP25/41 and CP25/42 form the most detailed regulatory framework for cryptoassets ever produced by a major financial regulator — and firms operating in the UK market need to understand what they contain.

CP25/40: The activities framework

The first paper addresses the broadest question: which crypto activities require FCA authorisation? The answer is, essentially, all of them. Trading platforms, intermediaries, lending and credit services, staking providers and even certain decentralized finance activities fall within scope. Larger platforms — those with average annual revenue above £10 million — face additional obligations, including rules on non-discriminatory access and stricter transparency requirements.

For retail lending specifically, the FCA proposes mandatory over-collateralisation requirements. This is a direct response to the wave of crypto lending platform collapses in 2022-2023, and it signals that the regulator has studied the sector's failure mechanisms closely.

CP25/41: Disclosure and market abuse

The second paper introduces requirements that will feel familiar to anyone who has worked in traditional securities markets. Issuers seeking admission to UK trading platforms must prepare qualifying cryptoasset disclosure documents — essentially prospectuses — including a two-page summary highlighting the key risks. The market abuse regime prohibits insider dealing and market manipulation, with larger platforms required to monitor on-chain activity for suspicious patterns.

This is where the regulation becomes genuinely groundbreaking. Monitoring on-chain activity for market abuse is a technical challenge with no direct precedent in traditional finance. In effect, the FCA is requiring platforms to develop blockchain analytics capabilities well beyond current industry standards.

CP25/42: Prudential requirements

The third document sets the financ

Source: Taylor Wessing