On 2 May 2025, the Financial Conduct Authority (FCA) published a discussion paper on regulating cryptoasset activities, with an accompanying press release detailing the regulator’s vision for the sector. This publication follows HM Treasury’s release of a draft statutory instrument with proposals for UK’s cryptoasset regulatory regime. The discussion paper seeks industry feedback on regulatory approaches for trading platforms, intermediaries, staking services, lending arrangements and decentralised finance protocols.