UK Financial Conduct Authority opens consultations for DeFi guidance

The UK Financial Conduct Authority wants to talk about DeFi. On October 21, 2026, the regulator published Guidance Consultation GC26/7, asking for feedback on how firms that use or offer access to decentralised finance protocols should meet their existing obligations. The timing is deliberate. The consultation landed roughly three weeks after the FCA opened its doors to applications under its new crypto regulatory regime. What the FCA is actually asking GC26/7 is non-Handbook guidance. It does not create a fresh rulebook for DeFi. The guidance focuses on three areas. These are operational resilience, compliance, and financial crime controls. Specifically, the FCA points firms toward SYSC 15A, which covers operational resilience, and SYSC 6, which deals with compliance functions. It also covers the Money Laundering Regulations, known as the MLRs. GC26/7 runs alongside a second paper, CP26/36. That document clarifies new legislative exclusions from the regulated activities perimeter. Both consultations close on November 18, 2026. The FCA plans to publish final guidance and recommendations in January 2027. The decentralisation question The FCA says it will take a case-by-case approach...