Europe’s Financial Conduct Authority (FCA) has launched a consultation on November 2025 covering rules for tokenised assets, asset-backed crypto and regulated digital investment products. The paper outlines capital-and-liability frameworks for firms offering tokenised securities and stablecoins under the UK markets regime. The FCA noted that firms may need to hold higher capital buffers and comply with disclosure standards similar to traditional asset-managing entities. 

Industry participants expect this to drive institutional participation but warn of higher compliance costs and slower rollout cycle.