GDF & CCI Response to FCA CP25/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets
GDF and CCI are the two leading global members’ associations representing firms delivering crypto and digital assets solutions. Our members span the digital asset ecosystem and include the leading global crypto exchanges, stablecoin issuers, digital asset Financial Market Infrastructure providers, innovators, and investors operating in the global financial services sector.
Together, our members share the goal of encouraging the responsible global regulation of crypto and digital assets to unlock economic potential, improve lives, foster financial inclusion, protect security, and disrupt illicit activity.
GDF and CCI broadly support the FCA’s objective of establishing a robust, disclosure-led admissions and market abuse regime for cryptoassets that promotes market integrity, consumer protection and confidence in UK-authorised cryptoasset trading platforms (CATPs). We welcome the FCA’s progress since DP24/4, particularly the shift towards outcomes-based requirements, greater recognition of decentralised and issuer-less market structures, and the increased emphasis on proportionality and feasibility.
Overall, we believe the proposals provide a strong foundation for a credible UK cryptoasset admissions and market abuse regime. With further clarification on role boundaries, liability alignment, reliance standards and proportionality, particularly for decentralised and issuer-less assets, the framework can support high standards of market integrity and consumer protection while preserving competition, liquidity and international alignment. We would welcome continued engagement with the FCA to refine these areas and support effective implementation.
Submitted 12/02/26