Coinbase and Kraken are among a group of crypto firms selected to test a new disclosure framework within the UK Financial Conduct Authority’s (FCA) regulatory sandbox, as the regulator prepares for expanded transparency requirements expected in 2026.
The FCA said insights from the sandbox trials will help shape its approach to upcoming rules that will mandate detailed disclosures from licensed crypto exchanges operating in the United Kingdom.
New disclosure rules coming in 2026
The regulator began rolling out its broader crypto marketing and consumer-protection regime in October, introducing stricter rules for promotions aimed at retail investors. UK-based crypto firms are already required to display prominent risk warnings in marketing materials and during customer onboarding.
But the upcoming framework goes far beyond those standards. Under the new rules, expected to be finalized in the second half of 2026, exchanges will need to provide detailed information about every crypto asset they list — including risk factors, custody arrangements, fees, spreads, and the terms of any staking or yield products.
The FCA is also expected to require separate disclosure formats for:
- Unbacked cryptocurrencies
- Fiat-backed stablecoins
- Tokenized assets
Each asset will need documentation outlining risks related to issuance, custody models, and market structure.
Eunice developing standardized solution
Regulatory technology startup Eunice, admitted into the FCA sandbox, is developing a standardized disclosure system aimed at simplifying the process for exchanges and improving transparency for investors.
Eunice is working with Coinbase, Kraken, and Crypto.com to test templates that could eventually inform the core structure of the FCA’s final rulebook.
The expanded disclosure requirements are expected to significantly increase compliance burdens, with regulators acknowledging the risk of excessive paperwork unless systems are streamlined — a gap the sandbox initiative aims to address.
What investors may see
If the final regime mirrors existing frameworks used in traditional finance, detailed filings for each crypto asset will likely be paired with a one-page fact sheet summarizing key risks and information for retail investors.
