The UK's Financial Conduct Authority has set out its latest steps to improve the integrity of the UK's crypto market.
The watchdog is seeking feedback on a new Discussion Paper that sets out its thinking on admissions and disclosures and the introduction of a market abuse regime.
The Paper reflects insights gained from a series of FCA-led crypto roundtables held with the industry earlier in the year.
It sets out proposals for firms to introduce strong controls that "prevent harm" and calls for crypto trading firms to share information with each other to help stifle fraud and prevent market abuse.
The FCA is encouraging market feedback to help shape the rules in the UK's largely unregulated crypto sector: "We want industry to take the lead in developing new ways of disclosing important information to make sure people understand the risks before purchasing crypto."
The government plans to engage firms on draft legal provisions for the cryptoasset regime as early as possible in 2025.
The FCA has set out a phased approach, starting in Q4 2024 and continuing into 2026, with discussion papers, consultation papers and final policy statements leading to the regime’s launch in 2026.