On 30 June 2026, the Financial Conduct Authority finalised the United Kingdom cryptoasset regime. The package comprises PS26/9 on admissions, disclosures and market abuse, PS26/10 on stablecoin issuance, PS26/11 on regulated cryptoasset activities, PS26/12 on prudential requirements and PS26/13 on Handbook application. The rules rest on the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102). Parliament passed those Regulations on 4 February 2026. The regime commences on 25 October 2027. Authorisation applications open on 30 September 2026. Firms applying by 28 February 2027 may rely on savings provisions while applications are determined. Three pieces of finalised guidance and two prudential guidance consultations accompany the package. Full materials sit on the FCA overview page.
Stablecoin issuance
UK-issued qualifying stablecoins must be fully backed and redeemable at par. Backing assets will be held under statutory trust. Issuers may hold up to a 5% excess in the backing pool. Limited intragroup custody is permitted subject to safeguards. Redemption timelines are adjusted for operational effectiveness. Redemption obligations pass contractually from holder to holder, extending protection to the secondary market. UK-issued qualifying stablecoins are removed from the restricted mass market investment classification. Systemic stablecoins face dual regulation with the Bank of England under a joint approach document.
Regulated cryptoasset activities and custody
CASS 17 will govern the safeguarding of client qualifying cryptoassets. It covers ownership rights, record-keeping, reconciliation and private key management on a technology agnostic basis. The settlement float limit rises to 2%. Custody of relevant specified investment cryptoassets remains under CASS 6 for now. Principal dealers are removed from pre-trade transparency. Best execution is confirmed as an arrangements-level obligation with periodic monitoring. Retail protections for lending, borrowing and staking are maintained, with consent permitted to cover ongoing auto-staking subject to annual notification. DeFi arrangements fall within scope where an identifiable controlling entity exists. Tailored DeFi guidance will be consulted on later in 2026.
Admissions, disclosures and market abuse
Trading platforms act as gatekeepers. UK QCATPs must assess, approve and publish qualifying cryptoasset disclosure documents, uploaded to an FCA-owned central repository. Retail investors may trade directly only in assets admitted through this gateway. The fungibility exception permitting admission without a QCDD is removed. MARC prohibits insider dealing, unlawful disclosure and market manipulation. Additional obligations apply to large platforms, with the on-chain monitoring requirement narrowed. The FCA states market abuse risk in cryptoasset markets is likely higher than in other markets.
Prudential requirements
Two new sourcebooks apply: COREPRU and CRYPTOPRU. The K-SII stablecoin issuance coefficient falls from 2% to 1%. The proposed two-tier asset classification is abandoned. Cryptoassets that can be prudently valued and are admitted to a UK platform attract a 40% net position requirement and 40% volatility adjustment. Assets failing those conditions are deducted from capital in full. Public disclosure applies only where the fixed overheads or K-factor requirement binds. Guidance consultations GC26/4 and GC26/5 close on 30 July 2026. An aggregate cost benefit analysis consolidates the impact assessment.
Key dates
| Date | Milestone |
|---|---|
| 30 July 2026 | GC26/4 and GC26/5 feedback closes |
| 30 September 2026 | Authorisation gateway and savings provisions window open |
| 28 February 2027 | Savings provisions window closes |
| 25 October 2027 | Full regime commences |
Firms may consider to map current activities against the regulated activities in SI 2026/102 and determine whether authorisation or a variation of permission is required. Existing MLR registrations will not convert. The FCA's Pre-Application Support Service opens meetings from July 2026. Firms already operating should apply early within the 30 September 2026 window. Applying within the window preserves business continuity through the determination period. Applying after it may require ceasing relevant activities until authorised. Resolution rules, Financial Crime Guide updates, DeFi guidance and a perimeter policy statement follow later in 2026.
