The final rules for the most part follow those proposed in the consultation paper CP25/41. UK qualifying cryptoasset trading platforms (QCATPs) will remain, effectively, gatekeepers as the FCA retains an industry-led approach to many matters.

A&D regime

In the context of the A&D regime, retail QCATPs will be required to carry on due diligence, set and publish admission criteria, assess whether a cryptoasset would be detrimental to retail investors before admitting it to trading, and manage conflicts of interest. However, notably:

• the scope of the rules is now primarily premised on the concept of a “retail UK QCATP”, and the broad exemptions for qualified investor-only trading are no longer needed except where a UK QCATP limits trading in a specific asset to non-retail investors; and
• the proposed fungibility exception (which would have allowed admission without a qualifying cryptoasset disclosure document to tokens fungible with cryptoassets already admitted) has been removed.

There are also a couple of interesting points where the FCA has maintained its proposed approach despite stakeholder challenge: responsibility for qualifying cryptoasset disclosure documents (QCDDs) and supplementary disclosure documents remains with identified responsible persons, and the FCA has not introduced split or alternative liability models (although does permit drawing on existing or overseas disclosure materials). The FCA has also retained the requirements for protected forward-looking statements for QCDDs (although they do not apply to stablecoins).

MARC

In terms of MARC, despite industry feedback, the FCA has maintained that a centralised FCA surveillance role would be impractical and ineffective, and has therefore taken the view that firms themselves, and particularly QCATPs, would be best placed to monitor activity and take timely action. All QCATPs (retail and wholesale) must prevent, detect and disrupt market abuse and, in addition, large QCATPs (based on revenue) must also carry out on-chain monitoring and cross-platform information sharing. The FCA has, however, narrowed the scope of on-chain monitoring for large QCATPs.

Other departures from the consultation paper include reducing the types of “legitimate market practices” (LMPs) to no longer include what had been called “legitimate reasons”. LMPs create exceptions for activities that would otherwise constitute market abuse in certain circumstances; the other LMPs of coin-burning (with modifications) and crypto-stabilisation remain in place. The FCA has also amended the template for insider lists so that cryptoasset wallet addresses no longer need to be included. 

Next steps

The FCA has confirmed that in response to requests for transitional arrangements for the A&D regime, it intends to consult in September 2026 on deferral arrangements for cryptoassets already in circulation.

For further background on the A&D and MARC regime, you may be interested in our earlier webinar, available here: webinar.