CP25/15: A prudential regime for cryptoasset firms

Read CP25/15 (PDF)[1]

Why we are consulting

We want to develop a safe, competitive, and sustainable cryptoasset sector – one that enables innovation and is underpinned by market integrity and consumer protection.   

This consultation paper (CP) sets out proposed prudential rules and guidance for issuing qualifying stablecoins and the safeguarding of qualifying cryptoassets.  

This CP sets out the risks we want to prevent, the outcomes we want for consumers and markets and the proposals we seek to implement. Our proposals set appropriate standards that are proportionate, and which we will expect firms to meet. Our regime will bring certainty, and firms and consumers will be able to place trust in qualifying stablecoins.

This CP is published alongside CP25/14[2], our CP on stablecoin issuance and cryptoasset custody. 

This is the latest milestone in our roadmap for crypto regulation[3]. The proposals are the result of extensive engagement through roundtables and feedback on previous discussion papers.  

We will work closely with the Bank of England on the upcoming regime to ensure a clear pathway in regulation for stablecoins. 

Who this is for

Our proposals will affect consumers and firms who use, or interact with: 

• qualifying stablecoins
• qualifying cryptoassets 

Who needs to read this document: 

• Firms that issue, or are seeking to issue, fiat-referenced stablecoins in the UK.
• Firms that wish to make use of qualifying stablecoins within wider activities (such as on-and off-ramping).
• Cryptoasset custodians and other firms that carry out, or seek to carry out, safeguarding of qualifying cryptoassets.
• Industry groups, law firms and trade bodies representing firms in the cryptoasset sector.
• Auditors providing services to cryptoasset firms.
• Professional advisers in the cryptoasset sector.
• Groups representing consumer interests. 

It may also interest: 

• Policymakers and other regulatory bodies.
• Academics and think tanks.
• Industry experts and commentators.
• Issuers of electronic money and payment service providers. 

Next steps

Online response form[4] 

Send us your comments by 31 July 2025 using the online form[4].  

You can also submit your comments by sending them to us: 

• by emailing: [email protected]
• in writing to: Arsalan Jalil or Martin O’Neill, Financial Conduct Authority, 12 Endeavour Square London E20 1JN

We will consider this feedback before we publish our final rules. 

Background

The Government plans to create a UK financial services regulatory regime for cryptoassets, including stablecoins. 

This CP follows DP23/4[5] on our proposed approach to regulating stablecoins. 

On 29 April 2025, the Treasury published a draft of forthcoming statutory provisions[6] to create new regulated activities for cryptoassets, and a policy note detailing the intended policy outcomes of these provisions.