- The number of UK crypto users surged significantly in the past two years.
- Seven million adults became first-time crypto owners in the UK within the last two years.
- The FCA aims to achieve a cryptocurrency regime by 2026.
The number of UK crypto users has increased significantly over the past two years, prompting regulators to work toward implementing a dedicated crypto regime. Reports indicate that the UK’s Financial Conduct Authority (FCA) plans to establish the framework by 2026 in response to the growing number of people owning crypto in the country.
The FCA has outlined a roadmap for the UK crypto regime, with discussion papers on key areas such as stablecoins, trading platforms, staking, and crypto lending expected later this year. These papers will lead to a finalized policy statement by 2026, addressing market abuse, disclosure standards, and prudential exposure.
A study by the FCA reports that 7 million adults out of the UK’s roughly 68 million population became first-time cryptocurrency owners in the past two years. That reflects a 4% growth in the number of crypto owners within the country. Citing the growing adoption, Economic Secretary Tulip Siddiq confirmed that a draft regulation covering stablecoins, staking, and other digital assets will be ready by early next year.
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Matthew Long, FCA Director of Payments and Digital Services, emphasized the Authority’s commitment to collaborating with the government, industry leaders, and international partners to shape effective rules for the sector.
According to reports, the upcoming UK crypto regime will align with the European Union’s Markets in Crypto Assets (MiCA) regulations, widely regarded as a thorough set of guidelines for the crypto industry. Analysts predict MiCA’s rollout by the end of this year will set a benchmark for global crypto regulations.
The FCA’s proposed regulation comes amid expectations that countries like the US will develop clear regulatory frameworks for the cryptocurrency sector. Such expectations come from incoming US President Donald Trump’s inclination towards making crypto a significant part of the US economy.
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