The UK is quickening the pace on the new crypto regulatory regime. The Financial Conduct Authority (FCA) published three papers in quick succession in May 2025: a discussion on key policy positions (DP25/1) and two consultations on detailed rules (CP25/14 and CP25/15). This blog focuses on DP25/1. Please see our upcoming separate blogs on the other proposals.

The FCA intends to regulate not only UK cryptoasset trading platforms but also certain non-UK overseas platforms. Any non-UK overseas cryptoasset trading platforms that service retail customers in the UK on a cross-border basis will need to get authorised by the FCA, and they will need to set up a UK physical presence in order to obtain authorisation. It is currently not clear in…