Coinbase Europe policy head Katie Harries argued that the UK Financial Conduct Authority’s proposed crypto rules could prevent regulated platforms from giving customers access to decentralized finance (DeFi). No rule explicitly bans such access, but the proposal would require customer orders to be executed on an FCA-authorized venue, while DeFi protocols lack a person who could obtain authorization.
Firms offering crypto services to UK customers will need FCA authorization from Oct. 25, 2027. Harries said regulated platforms may be unable to offer DeFi access from then unless the FCA changes its approach. The FCA is consulting on guidance for firms that use or interact with DeFi; Harries urged it to allow access through regulated platforms with clear disclosures and safeguards.
