The UK Financial Conduct Authority (FCA) initiated a consultation on new rules for crypto firms, focusing on consumer protection, conduct standards, and regulatory oversight. The proposed framework aims to align crypto regulation with that of traditional financial services and includes requirements such as consumer duty obligations, dispute resolution, business conduct standards, staff competency, and regulatory reporting. The consultation is part of a broader effort to bring cryptoasset activities fully under FCA supervision, beyond the current anti-money laundering (AML) focus. UK officials argue that this move is crucial for maintaining the country’s status as a global financial center, although critics highlight the UK’s slow pace compared to the EU, Singapore, and Portugal. Industry leaders warn that prolonged consultations risk losing talent and projects to more decisive jurisdictions. There is debate over requiring physical presence for crypto firms, with calls for alternatives like data transparency mandates or tax incentives. Recent regulatory approvals, such as Ripple’s expansion, reflect ongoing industry responses. Ultimately, tax policy and competitiveness are seen as critical factors influencing whether crypto businesses choose the UK as a base.