Pubblicato originariamente da Taylor Wessing il 2026-01-12
Dentro la trilogia di consultazioni sulle crypto della FCA: una guida pratica
Tre documenti di consultazione pubblicati dalla FCA a fine 2025 definiscono nel dettaglio le regole per le società crypto nel Regno Unito, dalle piattaforme di trading agli abusi di mercato. Analizziamo le proposte principali e le scadenze da non perdere.
If the UK government's December 2025 announcement was the headline, 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 ever produced on cryptoassets by a major financial regulator — and firms operating in the UK market need to understand exactly what they contain.
CP25/40: the activities framework
The first paper tackles the broadest question: which crypto activities will require FCA authorisation? The answer is essentially all of them. Trading platforms, intermediaries, lending and borrowing services, staking providers and even certain decentralised finance activities fall within scope. Larger platforms — those with average annual revenue above £10 million — face additional obligations, including non-discriminatory access rules and enhanced transparency requirements.
On retail lending specifically, the FCA proposes mandatory over-collateralisation requirements. This is a direct response to the wave of crypto lending platform failures in 2022–2023, and it signals that the regulator has studied closely how the sector collapsed.
CP25/41: transparency 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 will need to produce qualifying cryptoasset disclosure documents — essentially prospectuses — including a two-page summary highlighting the key risks. The market abuse regime prohibits insider trading and market manipulation, requiring large platforms to monitor on-chain activity for suspicious patterns.
This is where the regulation becomes genuinely innovative. Monitoring on-chain activity to detect market abuse is a technical challenge with no direct precedent in traditional finance. The FCA is effectively requiring platforms to develop blockchain analysis capabilities that go well beyond current industry standards.
CP25/42: prudential requirements
The
Source: Taylor Wessing