The United Kingdom’s Financial Conduct Authority (FCA) approved regulatory technology (RegTech) company Eunice to run experiments in its sandbox, which offers one of the clearest indications yet of how the country intends to build its forthcoming crypto rulebook.
On Wednesday, the FCA announced that Eunice will test a set of standardized crypto disclosure templates with major exchanges, including Coinbase, Crypto.com and Kraken. The company will test whether the templates improve transparency when used in real-world settings.
The FCA also highlighted that its regulatory sandbox is still accepting applications from companies looking to test their ideas. “We encourage any firm to apply who are looking to test a similar solution to help inform our regulatory approach to cryptoassets,” said Colin Payne, the head of innovation at the FCA.
By testing industry-led tools rather than relying on theoretical policy, the FCA signals that future crypto rules will be shaped through practical trials and real-world feedback.
Cointelegraph reached out to Eunice for comments, but had not received a response by publication.
UK aims to raise transparency standards in crypto
Eunice co-founder and CEO Yi Luo said the sandbox provides a space where regulators and industry members can work together to strengthen the foundations of the UK's crypto markets.
She said the project aims to bring more integrity and transparency to crypto at a time when institutional participation is growing.
“Leading the work around disclosures is a great point of pride for Eunice, which was founded to bring integrity and transparency to digital assets at a time when institutions are stepping into the space,” she said.
Luo told Cointelegraph that the company’s work in the sandbox is aimed at fixing a fundamental weakness in today’s crypto markets, which is the lack of clear, comparable and consistent disclosures.
“Today’s disclosures are inconsistent, hard to compare, and often buried in dense text that obscures the fundamentals: what a token is, how value moves, and where the risks lie,” she told Cointelegraph.
Luo added that, despite crypto’s rapid evolution, regulators and industry members are converging on core principles for transparency.
According to Luo, the FCA’s sandbox reflects that approach by allowing industry to interpret and apply regulatory principles in ways that match real-world technology and market constraints.
The pilot also ties directly to the FCA’s broader policy agenda. According to the regulator, the disclosure templates were created in response to last year’s Admissions and Disclosures Discussion Paper, which encouraged the industry to contribute technical expertise and shape early thinking on future rules.
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The FCA’s roadmap for the crypto sector
The Eunice sandbox trial aligns with a broader regulatory push, complementing the FCA’s multi-year Crypto Roadmap, which is expected to culminate in the publication of the UK's final crypto rules in 2026.
Over the past year, the UK has implemented a series of regulatory changes aimed at providing clarity for the crypto sector.
The FCA tightened financial promotion rules for crypto companies, issued warnings to unlicensed crypto exchanges operating in the country and published a comprehensive discussion paper on admissions, disclosures and market-abuse risks for crypto assets.
More recently, the UK regulator made moves that signal a more supportive approach to crypto. On Aug. 1, the FCA lifted its ban on crypto exchange-traded notes (ETNs) for retail investors. This allowed consumers in the UK to engage with crypto-based ETN products.
On Sept. 17, the FCA opened a consultation on whether a traditional finance rule like Consumer Duty, which requires companies to deliver good consumer outcomes, should apply to crypto.
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