TL;DR
- The UK Financial Conduct Authority (FCA) approved RegTech firm Eunice to test standardized crypto disclosure templates with major exchanges including Coinbase, Crypto.com and Kraken.
- These live experiments aim to evaluate market transparency under real conditions.
- The trials form part of the FCA’s multi-year Crypto Roadmap, scheduled to conclude with final UK crypto regulations in 2026.
The United Kingdom is advancing practical crypto regulation through live experiments involving major market participants. By testing disclosure templates in active trading environments, the FCA seeks to measure the impact of transparency tools before formal rules are implemented.
Practical Experiments Evaluate Crypto Disclosure
Eunice has been authorized to run live trials within the FCA’s sandbox, focusing on standardized disclosure templates applied at major exchanges such as Coinbase, Crypto.com and Kraken. The initiative tests whether these tools enhance market transparency and provide clearer information to participants in real time. The program will also help identify practical challenges, potential automation improvements, and how disclosure updates affect investor decision-making.
The experiments connect to last year’s Admissions and Disclosures Discussion Paper, which gathered industry insights to guide early frameworks. Applying these ideas under real conditions allows the FCA to collect data on disclosure effectiveness and evaluate how requirements perform at scale, including potential impacts on liquidity and trading efficiency.
Industry Participation Influences Rulemaking
The FCA continues to welcome companies developing similar solutions into the sandbox. This approach brings industry participants closer to regulatory decision-making, enabling the regulator to observe market behavior and product performance before introducing final guidance. It also allows experimentation with different reporting frequencies and the use of interactive disclosure dashboards.
This process aligns with the FCA’s broader Crypto Roadmap, which has introduced stricter financial promotion rules, warnings for unregistered exchanges, and guidance covering admissions, disclosures, and market abuse across digital assets. Each step is part of a multi-year strategy ending in 2026 that seeks to combine clarity with room for innovation.
Evidence-Based Approach Signals Regulatory Shift
Recent FCA measures show a more flexible approach to crypto under controlled conditions. In August, retail access to crypto exchange-traded notes was reinstated, and in September, a consultation was launched on applying Consumer Duty to crypto products. Sandbox trials like Eunice’s provide real-world insights that inform policy design rather than relying on theoretical assumptions. Regulators will also be able to track technology adoption trends, measure user feedback, and analyze cross-platform interactions.
As the experiment continues, the FCA will use findings on disclosure performance, market responses, and operational impacts to shape the UK’s final crypto regulations.
