Eunice has joined the Financial Conduct Authority's (FCA) Regulatory Sandbox to explore an industry-led solution designed to improve transparency in the UK’s crypto market.

As part of the sandbox, the RegTech platform is developing and trialling a tool which will disclose important information about cryptoassets.

Eunice, which works with Coinbase, Crypto.com, and Kraken, aims to help financial institutions, regulators and businesses navigate cryptoassets, tokenised assets and on-chain infrastructure.

The FCA said that a working group led by the platform has developed "standardised, industry-led crypto disclosure templates" which aim to make it simpler for firms to meet document requirements, meaning investors have the right information to make well-informed decisions.

Eunice will experiment with the disclosure templates to achieve "maximum transparency," with insights from the test helping to inform the financial watchdog's approach to disclosure requirements for cryptoassets.

The announcement comes after the FCA unveiled plans in September that could reshape the regulatory landscape for crypto firms in the UK.

The consultation focuses on both raising standards and, in some cases, exempting digital asset companies from certain requirements applied to traditional financial services.

Speaking about Eunice joining the Regulatory Sandbox, Colin Payne, head of innovation at the FCA said: "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."

Earlier this month, the Bank of England set out its proposed regulatory framework for sterling-denominated systemic stablecoins.

The central bank said the move marks a "significant step" in laying the groundwork for a future where new forms of digital money could be used for everyday payments alongside existing methods.

The proposals include a step away from previous plans to require stablecoins to be backed by no-interest deposits at the central bank.

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