UK FCA launches DeFi consultations on guidance and the cryptoasset regulatory perimeter
BIBIBI
AT A GLANCE
The Financial Conduct Authority launched two consultations addressing existing regulatory requirements for DeFi and the regulatory perimeter for cryptoassets.
Article
【Financial Conduct Authority consultation launched on DeFi guidance and cryptoasset regulatory guidance】
The UK Financial Conduct Authority (FCA) launched two parallel consultations seeking industry views on the scope of application for DeFi and its forthcoming cryptoasset regulatory framework. Both consultations closed on November 18, 2026;FCA plans to publish final guidance after reviewing feedback from all parties in 2027 January. The first consultation is primarily aimed at FCA regulated firms that use DeFi protocols or facilitate access to DeFi protocols. The guidance is not intended to introduce a new rulebook, but rather to clarify how existing regulatory requirements should apply when firms provide services through highly automated, distributed-ledger-based systems. The second consultation examines the scope of cryptoasset regulation (that is, the “regulatory perimeter”) against the background of recent legislative changes.
Key points
01
The UK Financial Conduct Authority (FCA) has launched two parallel consultations.
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The first consultation is aimed at FCA regulated firms that use DeFi protocols or facilitate access to DeFi protocols.
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The first consultation seeks to clarify how existing regulatory requirements apply to highly automated, distributed-ledger-based services, rather than introduce a new rulebook.
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The second consultation examines the scope of cryptoasset regulation against the background of recent legislative changes.
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The deadline for both consultations is November 18, 2026；FCA with final guidance intended to be published after reviewing feedback in 2027 January.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
FCA Industry views are being sought: on the one hand, the consultations explain how existing requirements apply when regulated firms use or assist with access to DeFi protocols; on the other, they define the extent of cryptoasset regulatory coverage. The current content describes the consultation stage, not final guidance that has already been published.
Why it matters to readers
The consultation outcomes may help relevant firms determine whether their DeFi and cryptoasset services fall within the regulatory perimeter and how existing regulatory requirements should apply.
Beginners should distinguish between “consultation” and “final rules”: the guidance is not yet final, and the final document published after the feedback deadline should be monitored.
Risks and unknowns
Evidence not provided FCA The original consultation documents; the relevant content cannot be independently verified within this material.
The specific provisions and scope of application of the final guidance have not yet been determined.
The specific content of the recent legislative changes is not described in the evidence.
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Related concepts
DeFi
A decentralized financial system that conducts activities such as lending and swapping through blockchain protocols.
