We recognise the FCA’s ongoing work in advancing its Crypto Regulatory Roadmap and welcome the continued focus on achieving same risk, same regulatory outcome across traditional financial markets and emerging cryptoasset activities. Our members support this objective. It is key for industry that new requirements for cryptoassets and stablecoins do not unintentionally cut across well-established market practices, or undermine the ability of traditional firms to participate safely and effectively in this market. This will also help to ensure that traditional market participants such as custodians can enter into this space.