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.

Eunice provides tools for financial institutions, regulators and businesses to understand cryptoassets, tokenised assets and on-chain activity. As part of the Sandbox program, the company is working with major crypto firms including Coinbase, Crypto.com and Kraken to design and test new disclosure templates that could form the foundation of the UK’s future crypto documentation standards.

According to the FCA, the initiative is intended to ensure that consumers have access to clear and consistent information about digital assets before making a purchase. The templates developed through Eunice’s working group aim to simplify how firms meet disclosure obligations while improving investor understanding of risks.

Eunice will test the templates under real market conditions in the Sandbox. Insights from the trial will help shape the regulator’s approach ahead of the UK’s upcoming crypto disclosure requirements, expected in 2026.

Yi Luo, CEO and co-founder of Eunice, said the Sandbox provides a collaborative environment for industry and regulators to “build the foundations for a safer and smarter digital asset market,” adding that Eunice was created to bring transparency and integrity to the sector.

Colin Payne, the FCA’s head of innovation, noted that the regulator continues to support firms testing new ideas that can benefit markets and consumers. He encouraged companies developing similar solutions to apply for Sandbox participation.

The FCA’s work with Eunice follows its earlier Discussion Paper on admissions, disclosures and market-abuse frameworks for cryptoassets. As part of the regulator’s broader Crypto Roadmap, the FCA is preparing a full suite of policy publications, with final rules set to be introduced in 2026.

The regulator emphasized that clearer standards are essential for improving market integrity, strengthening consumer protection and supporting the UK’s competitiveness in the global digital asset sector.