The UK's Financial Conduct Authority (FCA) is gearing up for crypto asset regulation by 2026. A new discussion paper outlines plans to extend the FCA's oversight to include crypto trading, stablecoins, and more. Public crypto offerings will be restricted unless exemptions apply, like trading on a crypto asset platform or targeting institutional investors. The FCA emphasizes due diligence and disclosure standards, with potential penalties for non-compliance. While traditional market abuse rules won't directly apply to crypto, the FCA is considering international recommendations. Feedback on the proposals is open until March 2025.