UK advances crypto rules with FCA sandbox tests involving Coinbase, Crypto.com and Kraken

• The tests will use standardised templates with major exchanges including Coinbase, Crypto.com and Kraken.
• The project links to the earlier Admissions and Disclosures Discussion Paper.
• The experiments sit within the FCA’s multi-year Crypto Roadmap ending in 2026.

The United Kingdom is pushing ahead with a practical form of crypto regulation, and the latest move by the Financial Conduct Authority shows how the country plans to shape its rulebook.

The FCA has approved RegTech firm Eunice to carry out live experiments in its sandbox, creating a clearer picture of how future rules may be built through real-world testing rather than theory.

On Wednesday, the regulator confirmed that Eunice will test standardised crypto disclosure templates with major exchanges such as Coinbase, Crypto.com and Kraken.

The templates are designed to check whether transparency improves when tools are used directly in active market conditions.

Industry input

The FCA said its sandbox is still open to companies working on similar solutions, and it continues to encourage firms to apply. The regulator’s message points to a broader shift.

The UK wants to rely on practical experiments to understand how crypto behaviours unfold in real time, instead of relying only on policy consultation rounds.

This approach moves industry participants closer to the centre of rule formation. It also gives the regulator the chance to observe how products behave before final guidance is introduced.

Eunice’s work fits this model, focusing on ways to strengthen transparency in a market that is seeing increased institutional involvement.

The trial also links back to the Admissions and Disclosures Discussion Paper published last year. That paper invited the industry to share technical insight and help shape early frameworks.

The new pilot now tests those ideas under live conditions, allowing the FCA to gather evidence on how different disclosure requirements perform when applied at scale.

Broader roadmap

The Eunice experiment also aligns with the regulator’s multi-year Crypto Roadmap, which is expected to end with the publication of the UK’s final crypto rules in 2026.

Over the past year, the FCA has introduced several changes aimed at increasing clarity for crypto companies.

These include stricter financial promotion rules, warnings issued to unregistered exchanges still operating in the UK and a comprehensive paper covering admissions, disclosures and market-abuse concerns across digital assets.

Each step forms part of a longer regulatory timeline that aims to tighten standards while preserving room for innovation. The use of the sandbox allows the FCA to test what works and what does not before decisions are written into policy.

Shifting tone

More recent actions suggest the regulator is becoming more open to crypto activity under controlled conditions. On 1 August, the FCA lifted its ban on crypto exchange-traded notes for retail investors.

This allowed consumers to access crypto-based ETN products again, signalling a more flexible approach to digital assets. On 17 September, the FCA launched a consultation on whether Consumer Duty should apply to crypto.

This traditional finance requirement focuses on ensuring firms deliver good outcomes for customers. Extending it to crypto would raise expectations around product design, risk communication and market conduct.

The regulator’s move to work with Eunice fits into this shift. By focusing on trials inside the sandbox, the FCA is building a system that responds to real behaviour rather than assumptions.

The decision also supports the UK’s long-term plan to use evidence gathered from ongoing experiments to shape final rules.

The sandbox programme will continue to influence how the UK designs its next phase of crypto regulation.

As new projects enter the environment, the FCA will gather more insight into how disclosure tools perform, how markets react and how different rules might work once introduced.

The Eunice trial marks an early step in this process, and future policy decisions are expected to draw heavily on the findings produced through these real-world tests.

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