FCA'nın Kripto Danışma Üçlemesinin İçinde: Pratik Bir Rehber

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 crypto asset regulatory plan a major financial regulator has produced to date — and firms operating in the UK market need to understand what these documents contain.

CP25/40: The Activity Framework

The first document tackles the broadest question: which crypto activities will require FCA authorization? The answer is essentially all of them. Trading platforms, brokers, lending and borrowing services, staking providers and even certain decentralized finance activities fall within scope. Larger platforms — those with average annual revenue exceeding £10 million — face additional obligations, including non-discriminatory access rules and enhanced transparency requirements.

For retail lending in particular, the FCA proposes mandatory overcollateralization requirements. This is a direct response to the wave of crypto lending platform collapses in 2022-2023, and it shows that the regulator has closely examined how the sector fails.

CP25/41: Disclosure and Market Abuse

The second document introduces requirements that will feel familiar to anyone who has worked in traditional securities markets. Issuers seeking admission to UK trading platforms must prepare appropriate crypto asset disclosure documents — essentially prospectuses — including a two-page summary highlighting the principal risks. The market abuse regime prohibits insider dealing and market manipulation, and large platforms must monitor on-chain activity for suspicious patterns.

This is where the regulation becomes genuinely innovative. Monitoring on-chain activity for market abuse has no direct equivalent in traditional finance, where