How did the FCA prepare for the new crypto rules?

In recent years, the crypto market has experienced unprecedented growth, prompting regulatory authorities to step up their oversight. As a leading financial watchdog, the Financial Conduct Authority (FCA) has been at the forefront of preparing for the implementation of new crypto rules. Could you elaborate on how the FCA has approached this challenge? Have they conducted thorough market research to understand the nuances of the crypto landscape? Have they collaborated with other regulatory bodies to ensure a coordinated approach? And most importantly, what specific measures have they implemented to prepare the financial institutions and investors for these new rules? It would be invaluable to understand the thought process and methodology behind the FCA's preparation for this significant regulatory shift.