The UK’s regulatory sandbox, launched in 2016 by the Financial Conduct Authority (FCA), is designed to let financial firms test innovative products and services in a controlled environment. Instead of navigating the full weight of regulation from day one, companies can trial new offerings with real consumers under the regulator’s supervision, subject to safeguards and defined limits.

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For crypto firms aiming to operate within the UK, that matters. The sandbox lowers barriers to entry, reduces time to market, and gives startups clarity on how existing rules apply to emerging technologies like tokenisation, stablecoins or blockchain-based settlement systems. It also gives the FCA early…