UK FCA Opens Consultations on DeFi Guidance and Crypto Rules

The significance here is sequencing: guidance on DeFi is arriving while firms are still working through applications under the new regime, which suggests the FCA is trying to shape expectations for activity that sits outside the licensing perimeter rather than after the fact. DeFi is the harder target, since decentralized structures rarely map cleanly onto entity-based supervision, and how the consultation frames responsibility will matter more than any single rule. Whether the guidance converges with or diverges from the licensing framework is the open question worth watching.