FCA Finalises Core Rulebook for the UK Cryptoasset Regime
On 30 June 2026 the FCA published five policy statements setting final rules for stablecoin issuance, custody, market conduct, and prudential requirements ahead of the regime's 25 October 2027 start.
What Changed
On 30 June 2026, the Financial Conduct Authority (FCA) published a landmark package of final rules for the UK's incoming cryptoasset regime, issued as five policy statements: PS26/9 on admissions, disclosures, and market abuse; PS26/10 on stablecoin issuance; PS26/11 on regulated cryptoasset activities; PS26/12 on the prudential regime; and PS26/13 on applying the wider FCA Handbook. The rules cover UK-issued qualifying stablecoins, including backing-asset safeguarding, redemption, and disclosures, and confirm that issuers cannot pay interest or yield from backing assets to holders. The regime is underpinned by the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 and becomes effective on 25 October 2027, when authorisation is required to operate.
Who It Affects
Cryptoasset exchanges, trading platforms, custodians, stablecoin issuers, and firms dealing in or arranging deals in qualifying cryptoassets that serve UK customers. Prudential rules reach into capital, liquidity, and wind-down planning, drawing in compliance, finance, and risk functions. Overseas firms marketing to UK users are equally implicated. With final text now fixed, the countdown to authorisation is real, and firms that treated the consultations as theoretical no longer have that luxury.
What to Do
Read the five policy statements against your current activity mix and identify which regulated activities you will be performing on and after 25 October 2027. Begin gap analysis on prudential capital, safeguarding, and stablecoin backing-asset rules now, since remediation takes quarters, not weeks. Build KYC, transaction monitoring, and sanctions-screening controls that meet FCA authorisation expectations. Ensure your onboarding stack produces verifiable, audit-ready identity records that will withstand scrutiny at the gateway.
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