United Kingdom FCA Market Abuse Regime for Cryptoassets

Part 2, Chapter 2 of the Regulations covers “market abuse in qualifying cryptoassets and related instruments.” It defines “market abuse” by reference to three core prohibitions: prohibited use of inside information, prohibition on disclosure of inside information, and prohibition of market manipulation. It also defines a “relevant qualifying cryptoasset” as a qualifying cryptoasset that has been admitted to trading, or is subject to an application seeking admission to trading, on a qualifying cryptoasset trading platform operated by an FCA-authorised operator.

The regime designates the use and disclosure of inside information and market manipulation as designated activities. This allows the FCA to make designated activity rules for the cryptoasset market-abuse framework, including rules on liability and exclusions. The FCA’s consultation paper CP25/41 describes the regime, known as MARC, as a “day one” market abuse framework that draws from the UK Market Abuse Regulation but is tailored to cryptoasset markets rather than simply transposing traditional securities rules.

• Insider dealing: The Regulations prohibit specified persons from using inside information to acquire, dispose of, cancel or amend orders for relevant qualifying cryptoassets or related instruments, and also restrict recommendations or inducements based on inside information.
• Unlawful disclosure: A person with inside information is prohibited from disclosing it to another person unless the disclosure is made in the normal course of employment, profession or duties, subject to exclusions and FCA rules.
• Market manipulation: The framework prohibits market manipulation and identifies conduct such as false or misleading signals, abnormal or artificial price effects, deceptive devices, misleading rumours and benchmark manipulation.
• Inside information disclosure: Relevant persons may be required by FCA rules to inform the public as soon as possible of inside information that directly concerns them and to file that information with a body specified by the FCA.
• Systems and controls: Authorised cryptoasset trading platforms and certain intermediaries must establish effective arrangements, systems and procedures aimed at preventing, detecting and disrupting insider dealing, market manipulation and attempted abuse.

The regime is most relevant to FCA-authorised cryptoasset trading platforms, cryptoasset intermediaries, dealers, issuers or offerors connected to relevant qualifying cryptoassets, and persons who may hold or misuse inside information. The FCA has also said CP25/41 is relevant to stablecoin issuers, firms supporting regulated cryptoasset activities, and persons who buy or sell cryptoassets from entities serving the UK market.

The Regulations extend to England and Wales, Scotland, and Northern Ireland. Several prohibitions are drafted to capture activity regardless of where the relevant conduct is carried out, reflecting the cross-border nature of cryptoasset markets. The practical reach of FCA rules and enforcement will depend on final rulemaking, permissions and the statutory perimeter.

As of 3 June 2026, the statutory instrument has been made and preparatory provisions are in force, but the main cryptoasset regime is not expected to be fully operational until 25 October 2027. The FCA’s CP25/41 consultation closed on 12 February 2026. The FCA has said that policy statements for the future cryptoasset regime are expected in summer 2026, and that the authorisations gateway is scheduled to open on 30 September 2026.

This profile is a neutral legal-reference summary for editorial and research purposes. It does not provide legal, tax, investment or trading advice.