Title page 1

Contents 3

Glossary 4

Chapter 1. Summary 5

Chapter 2. Admissions & Disclosures 10

Chapter 3. Market Abuse Regime for Cryptoassets 41

Annex 1. Questions in this paper 60

Annex 2. Cost Benefit Analysis 64

Annex 3. Compatibility statement 115

Annex 4. Abbreviations in this document 122

Annex 5. List of Respondents 124

Appendix 1. Draft Handbook text 126

Figures 16

Figure 1. Non-exhaustive examples of checks we expect CATPs to perform 16

Figure 2. 3 layers of disclosure document content requirements 21

Figure 3. Overview of key disclosure document requirements for cryptoassets other than UK-issued qualifying stablecoins 34

Figure 4. Proposed required information in website disclosures in CP25/14 37

Figure 5. Inside information disclosure 48

Figure 6. Overarching systems and controls requirements 52

Figure 7. Cross-platform information sharing in action 59

Annex Figures 69

Figure 1. Consumer demand for crypto (Cryptoasset Consumer Research Series) 69

Figure 2. Where UK consumers are buying Crypto (2025) 70

Figure 3. Proportion of consumers that change platform providers 70

Figure 4. Factors consumers consider when choosing a trading platform 71

Figure 5. UK cryptoasset ownership by asset 72

Figure 6. Number of ICOs per year 73

Figure 7. Source of UK consumers information when purchasing cryptoassets 74

Figure 8. Causal chain for our Market Abuse Regime for Cryptoassets 86

Figure 9. Causal chain for our Admissions and Disclosures requirements for Cryptoassets 87

Figure 10. Estimated market participant population 93

Figure 11. Estimated demand for cryptoassets 93

Figure 12. Heatmap of Household Income and Value of Crypto Held 107