The Financial Conduct Authority has accepted Eunice into its Regulatory Sandbox to explore an industry-led solution for improving transparency in the UK’s crypto markets. Alongside leading organisations Coinbase, Crypto.com, Kraken, Aon, Agant, and CMS, Eunice is testing standardised cryptoasset disclosure templates designed to strengthen market integrity and help consumers make better-informed decisions.
The Problem We're Solving
Cryptoasset disclosures today are often difficult to compare, navigate, or interpret.
Key information – such as a token’s purpose, economic structure, governance, and risk factors – is dispersed across lengthy or highly technical documentation. As a result:
institutional and retail investors face barriers to assessing assets on a like-for-like basis;
firms struggle to meet expectations due to the absence of clear, standardised guidance; and
market transparency suffers, increasing friction and operational risk
The FCA’s Regulatory Sandbox provides a structured environment to address this gap. It allows regulators and industry to work collaboratively, testing practical solutions as the UK’s regulatory framework for cryptoassets continues to develop.
An Industry-Led Approach
Eunice convened an industry working group of leading market participants to develop a set of standardised templates designed to bring greater clarity and consistency to cryptoasset disclosures.
The disclosure work sits within the FCA’s broader agenda on cryptoasset admissions, disclosures and market abuse, set out in its December 2024 Discussion Paper. It also represents the first use of the sandbox to co-design a future disclosure regime directly with industry.
Yi Luo, CEO and co-founder of Eunice, said:
"The FCA Sandbox is where regulators and industry participants meet to build the foundations for a safer and smarter digital asset market. 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. We are excited to work with the FCA and the industry and look forward to making a lasting impact."
Colin Payne, head of innovation at the FCA, added:
"The FCA has a strong track record of helping firms launch products and services that benefit consumers and markets. Our Regulatory Sandbox accepts applications year-round from all types of firms who are looking to test their innovative ideas. We encourage any firm to apply who are looking to test a similar solution to help inform our regulatory approach to cryptoassets."
What Comes Next
This sandbox trial comes at a pivotal point in the FCA’s Crypto Roadmap, which outlines a staged path toward a full regulatory regime for digital assets, with final rules expected in 2026. Insights from Eunice’s testing will help inform the FCA’s thinking as it develops its final proposals on cryptoasset disclosure requirements.
For the UK, this approach signals something important: regulation shaped through practical testing rather than theoretical frameworks alone. For Eunice, this work advances a mission we’ve held from the start: building transparency into the foundations of the digital asset market.
We look forward to sharing what we learn as the work progresses.