Together, they form a core part of the Crypto Roadmap, which sets out a phased plan to bring cryptoassets fully under FSMA rules by 2027. Additionally, the reforms include the establishment of a Designated Activities Regime (DAR), which will govern public offers of qualifying cryptoassets, admissions to trade such assets and related market abuse. This is the first in a series of three articles examining the UK’s emerging regulatory framework for cryptoassets.

Bringing core crypto activities into the regulatory fold

TIGO is also subject to ongoing reporting and compliance obligations for the two-year period in which the agreement is effective, though no monitor was imposed.lvi In determining the appropriate resolution, DOJ credited Millicom’s 2015 self-disclosure and cooperation, granting it “the maximum reduction for cooperation and remediation” under the CEP, but found the case did not qualify for a declination or “near miss” NPA under the CEP because the conduct continued after the initial investigation and the bribery funds were derived, in part, from narcotics trafficking.lvii it will not pursue actions against the platforms that these enterprises utilize to conduct their illegal activities.”xlii DOJ leadership has continued to emphasize that they will not prosecute “developers of neutral tools, with no criminal intent” because of “someone else’s misuse of those tools.”xliii While the Working Group’s priority enforcement areas include traditional FCA targets, such as fraud and kickbacks, they also cover new and evolving areas under the FCA. DOJ has already brought civil cases relating to tariff evasion under the False Claims Act (“FCA”) as well as criminal cases under Title 18’s trade fraud and conspiracy provisions.xxxii In keeping with the Administration’s focus on tariffs, DOJ announced an intention to prioritize the prosecution of “trade fraud,” including tariff evasion. The Galeotti Memorandum underscored that “material support by corporations to FTOs, including recently designated Cartels” will be an enforcement priority.xix

The Financial Conduct Authority (FCA) is a regulatory body that oversees financial markets in the UK. They help to promote transparency, fairness, and accountability, and protect consumers from fraudulent activities and unfair practices. Firms that fail to comply with FCA regulations risk damaging their reputation, losing customers, and facing financial penalties. FCA regulations are designed to promote transparency, fairness, and accountability in the financial sector. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers.

Establishment of Agency

The FCA’s initiative to invite applications for AI Live Testing is a strategic move to enhance the understanding and deployment of artificial intelligence in financial markets. These findings will help shape future regulatory approaches and policies, ensuring that the UK remains at the forefront of financial innovation. This initiative also offers an opportunity for the FCA to collect valuable data and insights regarding AI’s impact on financial markets. By facilitating this live testing environment, the FCA aims to gather insights into AI’s potential market impact, which will inform future regulatory frameworks and policies. In addition to regulatory insights, the AI Live Testing service will provide firms with practical tools to navigate the complexities of AI deployment.

Staff of Agency

As discussed in our prior client memorandum, on June 16, 2025, NSD announced that it was declining to prosecute a Houston-based private equity firm, White Deer Management, LLC (“White Deer”), for criminal violations of U.S. sanctions and export control laws committed by a portfolio company that White Deer had acquired, Unicat Catalyst Technologies, LLC (“Unicat”).lxxxiii That resolution was the first declination of prosecution of an acquiror for self-disclosing criminal conduct discovered at an acquired entity since the March 2024 publication of DOJ’s M&A Safe Harbor Policy, which established a presumption of a declination for companies that take certain steps to disclose and remediate misconduct in the context of mergers and acquisitions.lxxxiv According to DOJ, the renewed investigation revealed “the scope of TIGO’s conduct, including that the criminal conduct continued during and after the Department’s closure of the first phase of the investigation and involved narcotrafficking proceeds that were used to generate cash for some of the bribe payments.”lv Under the DPA, TIGO is required to pay a $60 million criminal penalty and more than $58 million in forfeiture. While Millicom had also filed a VSD, DOJ found that the company did not qualify for a declination or a “near miss” NPAxlviii due to aggravating factors, including the continuation of misconduct after the voluntary disclosure and links to narcotrafficking proceeds. As discussed in greater detail below, on December 18, 2025, DOJ announced the first enforcement actions brought by the Task Force, including a declination for a company, MGI International, that filed a VSD and cooperated with an investigation that led to the guilty plea of the company’s former Chief Operating Officer.xxxiv DOJ also announced a $54.4 million settlement in an FCA case against Ceratizit USA to resolve allegations that it improperly failed to pay customs duties on imports of tungsten carbide products imported from China.xxxv The Galeotti Memorandum identified “trade and customs fraud, including tariff evasion”xxx as a corporate enforcement priority, and, on August 29, DOJ announced the creation of a new “Trade Fraud Task Force” to “aggressively pursue enforcement actions against any parties who seek to evade tariffs and other duties.”xxxi The Task Force includes DOJ’s Civil and Criminal Divisions, as well as the Department of Homeland Security. In terms of value the FCA sizes the market with consumers borrowing c.

The FCA expects firms to have a risk-based approach to compliance. Therefore, it is important for firms to implement effective compliance strategies to ensure they are meeting the FCA’s expectations and avoiding any potential risks. The move easymarkets opiniones is part of the FCA’s efforts to prevent money laundering and terrorist financing, and to protect consumers.

The Financial Conduct Authority (FCA) is the regulatory body responsible for ensuring that financial markets in the UK are fair, transparent, and safe. Overall, it is important for individuals and companies to be aware of the potential consequences of FCA violations and to take steps to ensure compliance with applicable laws and regulations. This regulatory body is responsible for ensuring that financial firms in the UK operate in a way that is fair, transparent, and in the best interest of their customers. From the point of view of financial firms, FCA authorization is a necessary step to be able to operate in the UK market. From the point of view of consumers, FCA authorization provides a sense of security and confidence that the financial firm they are dealing with is legitimate and operates within the law.

All regulated firms must comply with our rules as set out in the FCA Handbook. Overall, by following these key strategies and insights, you can navigate FCA regulations with confidence and ensure that your organization is meeting all necessary requirements and obligations. In this section, we will explore some key insights and strategies for navigating FCA regulations, drawing on the expertise of industry professionals and thought leaders. However, with the right knowledge and tools at your disposal, you can approach these regulations with confidence and ease.

Sectors and firms

• The FCA expects firms to have a risk-based approach to compliance.
• However, it is an essential aspect of financial regulation that aims to protect consumers and maintain the integrity of the financial system.
• These policies and procedures should be regularly reviewed and updated to ensure they are up to date with any changes in the regulatory environment.
• Customs and Border Protection (“CBP”) that the products originated in Taiwan,” evading duties on those goods.lxxi Ceratizit also allegedly misclassified TCPs as being duty free, failed to mark TCPs with their country of origin, and failed to pay marking duties.lxxii Ceratizit agreed to pay $54,400,000, including $27,700,000 in restitution, to resolve these allegations.lxxiii This action was originally brought by a qui tam relator.lxxiv As noted, this resolution was coordinated through the DOJ’s Trade Fraud Task Force.
• These institutions must comply with a wide range of regulations, including those related to data protection, anti-money laundering, and consumer protection.

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Combatting financial crime will no doubt continue to be a key focus of enforcement for the FCA into 2026, and the FCA has stated its intention to use enforcement to deliver “impactful deterrence”. Simplification of Financial Conduct Authority (FCA) rules and information, along with the reduction of the regulatory burden, were key themes of the FCA’s December 2025 letter to the Prime Minister and the Chancellor on its approach to growth. He argued that crypto projects would prioritize launching in jurisdictions with “better tax treatment,” including Portugal, Singapore, and the Middle East. Regulators could mandate access to transaction and market data regardless of where firms are incorporated, or introduce incentives—particularly tax-based—to encourage companies to maintain a UK presence voluntarily.

This mirrors the regulatory treatment of high-risk products in traditional regulated finance. The FCA’s proposals allow retail investors to access cryptoasset lending and borrowing, but only within tight limits. Together, these measures promote fair, competitive and transparent markets. Principal dealers are required to provide firm quotes, including prices, validity periods and fees, and must execute orders at the quoted price or bitbuy canada review better unless exceptional volatility occurs — in which case clients must give explicit consent. Intermediaries – whether dealing as principal or agent, or arranging deals including lending and borrowing – face similar obligations. Consequentially, this requirement introduces a disclosure standard akin to securities markets ensuring retail investors only access assets with verified information.

• While the Working Group’s priority enforcement areas include traditional FCA targets, such as fraud and kickbacks, they also cover new and evolving areas under the FCA.
• As this regulatory shift progresses, all eyes will be on how market dynamics evolve and what further steps the FCA may take to enhance investor protection.
• However, with the right knowledge and tools at your disposal, you can approach these regulations with confidence and ease.
• The latest consultation seeks input on specific regulatory areas, such as how to safeguard users’ tokens and how firms should handle client funds.
• Nikhil Rathi, the CEO of the FCA, has emphasized the importance of innovation in maintaining the UK’s competitive edge in global financial markets.
• The FCA is a powerful tool for the government to combat fraud against federal programs, and the government has demonstrated a willingness to use it aggressively.

In addition, crypto firms must meet standards on operational resilience, consumer duty, financial crime controls, and governance. We consider the principles of good regulation when carrying out our work, and we reduce and prevent financial crime, working with partners to protect consumers and market integrity. We regulate financial services firms in the UK, setting standards for firms to meet and holding them to account if ndax review they don’t. We set high and clear standards for consumer protection across financial services.

Who Needs to Comply with FCA Regulations?

The widely criticized payday lender Wonga.com was one of the biggest finance firms in Britain. The writer Carl Packman has criticised the regulation of the industry. Its main complaint was that the APR was either not displayed at all or not displayed prominently enough, which is clearly required by UK advertising standards. There has been considerable criticism of the short-term loans market in the UK.

Technical standards body means the technical standards body designated under subsection 8(1) of the Consumer-Driven Banking Act. Prescribed means prescribed by regulation. Insurance holding company means an insurance holding company as defined in subsection 2(1) of the Insurance Companies Act. Bank holding company means a bank holding company as defined in section 2 of the Bank Act; (société de portefeuille bancaire)

It forms part of the FCA’s wider crypto roadmap, which aims to align the treatment of cryptoassets more closely with traditional financial services. The regulator said these boundaries reflect the current structure of financial compensation rules as crypto regulation develops. It noted that firms and consumers should both understand the risks tied to crypto activities. So how far should regulation go in protecting consumers while still allowing crypto innovation to develop? The FCA said the proposals aim to support an open and competitive crypto market that consumers can trust. The regulatory body established that investors will still face dangers when they invest in cryptocurrencies despite the implementation of new regulations.

Automatic top-ups are capped at 50% of the initial collateral’s market value (net of fees), preventing borrowers from taking on unlimited leverage. Over-collateralisation is mandatory, and firms may only supplement collateral with prior client approval. Before entering into any lending or borrowing arrangement, firms must give retail clients clear, transaction-specific information and obtain explicit consent to the key terms.

By the time comprehensive UK regulation arrives, many projects will have already gone elsewhere,” he said. “The question now is whether rules will arrive in time to matter.” But the UK has also faced criticism for moving more slowly than other major jurisdictions in establishing a comprehensive crypto framework. Last month, the Treasury proposed legislation that would place cryptoasset activities under full FCA oversight, extending the regulator’s remit beyond its current focus on anti-money laundering registration.